- All bloggers and advertisers with a targeting audience from thousands of people are required to notify in advance of a new promo campaign
Spain introduces new rules regarding the promotion of cryptocurrencies
National Securities Market Commission ( CNMV) introduces new rules regarding the promotion of investments in digital assets. The agency’s position suggests that advertising content should be “fair, understandable and balanced”.
The new rules are expected to come into effect February of this year. The key objective of the initiative is to convey to ordinary citizens all the risks associated with this sector, as well as to remove dubious or misleading content.
Now advertisers with audience reach from 17 thousands of people owe for days to notify the authorities about the launch of a new promo campaign. In addition, each video should contain a mention of the lack of a regulatory framework in this area, as well as all the risks.
It is noteworthy that the changes in the rules will also affect the so-called “influencers”. These include bloggers with an audience from 17 thousands of people who promote crypto services personally or on behalf of others. They are also required to notify the regulator in advance of a new advertising campaign.
With the help of these changes, the Commission expects to take control over the promotion of services for investing and trading cryptocurrencies.
The regulator is concerned about the ever-increasing popularity of digital assets. And although the Spanish government is not yet ready to implement a comprehensive regulatory framework, this initiative will protect retail investors and capital holders. We previously reported that China is introducing tighter censorship for crypto media and mining pools.