Influencers promoting cryptocurrencies are in the crosshairs of regulators in Spain. Spanish government announced some measures to try to regulate the rampant advertising of crypto-assets.
As Reuters reported, Spain has tasked the stock market supervisor with authorizing mass campaigns and ensuring investors are aware of the risks.
Spain will regulate influencers who promote cryptocurrencies
In an official bulletin, the Spanish government said that advertisers and companies that sell cryptocurrencies will have to inform the supervisory body of the CNMV (National Securities Market Commission), at least 10 days in advance, about the content of campaigns aimed at more than 100,000 people.
The new measures will come into effect from mid-February. They will allow the CNMV to specifically monitor advertising for all types of cryptocurrencies.
In addition, the regulatory body may include warnings about the risks involved in such an investment.
According to the report, the rules also apply to cryptocurrency service providers that advertise their activities.
In addition, it includes anyone who advertises on their own or on behalf of third parties. The CNMV specified in a statement that the rule includes influencers with more than 100,000 followers who are paid to advertise and promote crypto assets.
The regulator emphasized that these individuals will have to notify the agency in advance of promotional postings. At the same time, they will have to warn about risks in publications.
CNMV scolds Iniesta
This is not the first action by Spanish bodies to try to control the advertising of digital assets.
In November, CNMV scolded football star Andres Iniesta after he promoted cryptocurrency exchange Binance on his Twitter and Instagram accounts.
On Twitter, he has over 25 million followers and on Instagram, over 38 million.
“I am learning how to start using cryptocurrencies with Binance #BinanceForAll,” the player said on his social media accounts.
At the time, the regulator stated that the athlete should be fully informed about cryptocurrencies before making any investment in them or recommending others to do so.