It has already been published in the Official State Gazette (BOE) the circular prepared by the National Securities Market Commission (CNMV) that will regulate the advertising and promotion of cryptocurrencies in Spain. The new regulation, which will come into force in mid-February, will imply a strong restriction on cryptocurrency advertising activities.
Advertisers and influencers will be obliged to inform about the risks of investing in cryptocurrencies
The document is quite exhaustive and contemplates a wide variety of limits and conditions to the promotion of cryptocurrencies. One of the most forceful points is the one that regulates the advertising of cryptocurrencies by influencers, popular personalities and advertisers on television, radio or press.
With the new legislation, the influencers and advertisers with more than 100,000 followers must notify the CNMV ten days in advance if they are going to insert cryptocurrency advertising. Failure to comply with this point can lead them to fines of up to 300,000 euros.
This rule will be valid for those advertising campaigns considered “mass”. However, the regulations do not specify the criteria to be followed to determine when a campaign is massive.
Likewise, influencers who receive money for talking about cryptocurrencies will have to declare it publicly. In that case, they will also be obliged to inform their followers about the risks of cryptocurrencies. The document requires them to provide “clear and unbiased information” about the dangers of an investment in these unregulated currencies.
With this regulation, Spain becomes the first country in the European Union to regulate cryptocurrency advertising. Member countries have not yet reached a common position on these currencies and their advertising promotion.
However, countries such as France have already imposed fines for advertising campaigns related to cryptocurrencies. Last July, French authorities fined a celebrity €20,000 for “misleading commercial practices” for promoting Bitcoin on her Snapchat.