Spain has declared that influencers who promote cryptocurrency in the nation must include warnings and disclose potential risks in their promotional materials. This rule applies to any influencer with 100,000 or more followers.
Influencers would also be required to notify the Spanish National Securities Market Commission (CNMV) 10 days in advance of running advertisements or promotions on any cryptocurrency assets. CNMV would also require them to submit all campaign details before they go live.
The new regulations will go into effect in mid-February and will allow the CNMV to specifically monitor advertising for all types of crypto assets and include warnings about the risks associated with such investments.
“This is new territory for both of us, and there will be bumps in the road, as is always the case when new rules are implemented.
“According to the Financial Times, CNMV President Rodrigo Buenaventura was quoted.
“There would be a backdoor to avoid regulation if influencers were not covered.” “There would be a backdoor to circumvent regulation if influencers were not covered.” “According to the Financial Times, CNMV President Rodrigo Buenaventura was quoted.
“This is uncharted territory for both of us, and there will be bumps on the road, as is often the case when you impose laws on something that has never been governed before.”
Singapore Regulation Rules
This comes after Singapore’s monetary authority recommended yesterday that cryptocurrency enterprises not promote their services to the general public, in accordance with the metropolitan state’s limiting trading mentality and speculation in risky digital assets and products such as Crypto and NFT’s.
The Monetary Authority of Singapore said in a statement on Monday that network operators should only publicly release their exercise on their own websites, mobile apps, or official social media profiles. Lenders, payment service providers, and virtual currencies will all be affected by the policy.
The fast expansion of digital currencies and digital assets pinned to conventional banking has piqued the interest of regulators around the world, who are concerned that they could jeopardise the financial system if not closely monitored.
Advertisers and companies that market crypto assets in Spain must notify the CNMV watchdog at least 5 – 10 days in advance about the content of campaigns targeting over 100,000 people, according to the Spanish government’s official bulletin.