Spain imposes new rules on crypto ads

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Posted on: Monday, January 17, 2022 – 11:19 PM | Last update: Monday, January 17, 2022 – 11:19 PM

Spain’s National Securities Authority has issued new rules for campaigns to promote crypto assets, obliging advertisers to warn investors of the possibility of losing all their money when investing in these assets.

The authority added that any promotional activities for digital currencies should make it clear that these currencies are unregulated and not suitable for individual investors.

And Bloomberg News Agency indicated that companies providing digital currency services must inform the Securities Market Authority of any advertising campaigns aimed at reaching 100,000 people or more at least ten days before the campaign is launched. These rules also apply to campaigns carried out by social media activists and celebrities.

It is reported that the rapid spread of cryptocurrencies in Spain alarmed the regulatory authorities, as the Securities Market Authority and the Spanish Central Bank intensified their warnings to investors about the risks associated with such currencies.

Spain’s National Securities Exchange Authority used Twitter to reprimand Spanish soccer star Andres Iniesta last November, who announced via Twitter that he was using cryptocurrency exchange Binance.

The new rules will come into effect on February 17th.

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