Key takeaways:
- The main financial authority in Spain denounced the phony promotions for cryptocurrency assets on X and reaffirmed that businesses must abide by local regulations.
- Valbuena reminded the audience that “internet companies, media, and social networks” are required by Spanish law to take action against unregistered entities that promote investments.
The main financial authority in Spain, the National Stock Market Commission (CNMV), denounced the phony promotions for cryptocurrency assets on X (previously Twitter) and reaffirmed that businesses must abide by local regulations.
Rodrigo Valbuena, the head of CNMV, disclosed on November 8 at the Deloitte annual conference for the Spanish financial sector in Madrid that the advertisements in question “make illegal use of the image” of certain Spanish actors as well as the identity and design of a national media outlet in an attempt to solicit information and funds from investors.
Valbuena reminded the audience that “internet companies, media, and social networks” are required by Spanish law to take action against unregistered entities that promote investments, and he advises that non-compliance be sanctioned. Additionally, he pledged that his organization would treat this case seriously:
“I can assure you that we will scrupulously exercise all our capacities, supervisory powers and our supervisory and sanctioning powers in these cases.”
Additionally, the regulator issued a warning, stating that the CNMV is “getting ready for the new tasks” and will shortly be bolstering its human resources by adding 15% more employees.
The CNMV filed its first lawsuit against a technology company last week for breaking the nation’s regulations on cryptocurrency promotion.
In September and November of 2022, it started “sanctioning proceedings” against Miolos for two “massive” ad corporations. The business neglected to submit its campaigns for approval from the CNMV or to include risk warnings.
Prior to the July 2026 deadline for EU member states to offer investor protection and legal clarity, Spain has indicated that it plans to enact the Markets in Crypto-Assets Regulation (MiCA), the first comprehensive framework for cryptocurrency in the European Union.
The Monetary Authority of Singapore granted Crypto.com an MPI license in June. Following a careful examination of the business’s adherence to the Anti-Money Laundering Directive, VASP registration is granted.
