Spanish Regulator Warns of Action on Fraudulent Crypto Promotions BITCOIN NEWS
The National Stock Market Commission (CNMV) is boosting its workforce by 15%.
Spain plans to adopt the Markets in Crypto-Assets Regulation (MiCA).
The National Stock Market Commission (CNMV), Spain’s primary securities market regulator, has warned against fraudulent crypto assets promotions on Twitter and reminded businesses that they must adhere to Spanish law.
At a speech given by CNMV chief Rodrigo Valbuena on November 8 at the annual Deloitte conference for the Spanish financial sector in Madrid, he said that the ad campaigns in issue are attempting to steal information and funding from investors by using the likeness of a few Spanish celebrities and the visuals and identity of a national media.
Stringent Compliance
Valbuena cautioned the crowd that the Spanish government has mandated that “internet companies, media, and social networks” take action against investment advertising by unregistered organizations or face sanctions. In addition, he assured them that the agency would treat this matter cautiously. In addition, the CNMV issued a warning, saying that it is “preparing for the new tasks” by boosting its workforce by 15%.
On November 8th, the CNMV initiated its first lawsuit against a technology provider for breaking the country’s restrictions on crypto advertising. Specifically, it has begun “sanctioning proceedings” against Miolos for two “massive” advertising campaigns that took place in September and November of 2022. The corporation reportedly did not submit the campaigns to the CNMV for approval or contain risk warnings.
Spain plans to adopt the Markets in Crypto-Assets Regulation (MiCA), the first complete EU crypto framework, before the July 2026 deadline for EU member states to offer legal clarity and investor protection.