The regulatory body of Spain advances in the control of the commercialization of cryptocurrencies and especially in the way that influencers appeal to different strategies to advertise this type of asset.
In effect, these are new restrictions on influencer promotions that may lay the groundwork for regulations in other Spanish-speaking countries.
According to a statement this Monday, January 17, the National Stock Market Commission (CNMV), the government agency responsible for the financial regulation of stock markets in Spain, posts promoting crypto assets are now required to include a disclaimer.
Posts linked to cryptocurrencies on Instagram, Facebook, Twitter, TikTok and other social networks should say: “Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost.”
According to the statement, it applies to influencers with more than 100 thousand followers in Spain, who will have to notify the CNMV about the content of promotions related to cryptocurrencies at least 10 days in advance.
Fines for non-compliance can reach up to 300 thousand euros and could be divided between the influencer, the companies behind the cryptocurrencies and the public relations agencies that have linked the parties.
The new rules apply to influencers, agencies and cryptocurrency companies and will take effect in February 2022.
Although it is the first nation in the European Union to launch these kinds of measures, several other countries have promoted controls to limit how crypto companies advertise their services.
The UK Advertising Standards Authority, for instance, is in the process of creating new guidelines for the industry. He said regulation is a “red flag” priority.
Last week, Singapore also took steps to control cryptocurrency advertisements, advising that service providers only market their products on their own websites, apps or social networks and in doing so should not trivialize the risks of investing in cryptocurrencies. digital assets.
Cryptocurrencies, influencers, agencies and China
Last year, the Chinese government decided to nip what it saw as a problem in the bud and banned all activity related to digital currencies. “They are illegal,” said the People’s Bank of China (PCB), the equivalent of the central bank.
In a move made known on September 24, the BPC specifically targeted cryptocurrency exchanges that operate around the world, not just those of Chinese origin, such as Binance or Coinbase.
The announcement said that all Chinese citizens working for cryptocurrency exchanges outside of that country will be “investigated in accordance with the law,” as will organizations that provide them with technical support, whether paid or marketing.
That’s right, all media or design agencies working for exchanges that have clients residing in China could be investigated by Beijing.