Spanish Regulators to Restrict Cryptocurrency Promotion
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17 January

The National Securities Market Commission (CNMV), Spain's financial regulator, could start imposing restrictions on the promotion of cryptocurrencies, the Financial Times has reported.

According to the publication, the regulator now has the power to regulate crypto ads.

Within one month, both influencers and sponsors will have to inform the relevant authorities in advance of any cryptocurrency-related promotion they intend to do.

Likewise, they will also be obliged to clearly inform about the risks associated with this type of investment. Failure to comply with these requirements could result in fines.

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The CNMV director Rodrigo Buenaventura has said influencers are "a backdoor to avoid regulation" because they are not subject to the same rules as traditional media.

It must be noted that one of the possible triggers for the decision is former soccer player Andrés Iniesta's promotion of crypto exchange Binance last November.

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