Given the surge in the use of cryptocurrencies, the Economic Ministries of the various European countries are developing a regulation so that they can monitor their growth. But not only that, in fact, some States, including Spain, will promote a decalogue of rules to which even influencers will have to comply.
Starting next month, the Spanis National Securities Market Commission (CNMV) will require companies and individuals to notify at least ten days of a publication of any announcement that exhorts, in any form, or recommends the use of cryptocurrencies.
The rule will apply in the confront of brands, companies, influencers with more than 100,000 subscribers and who receive payments of any amount to promote news related to cryptocurrencies.
Cryptocurrency advisors will not only have to release the contents of their upcoming campaigns to the CNMV, but they will also need to include a disclaimer notice about the risks of what they are selling. The new regulation will thus help CNMV to regulate better the marketing ecosystem surrounding crypto assets. Late last year, football star Andrés Iniesta in a tweet that went viral, said: “I’m learning to use cryptocurrencies with @binance,” evidently advertising Binance, but without warning of possible dangers.
At the time, the CNMV took matters into its own hands and responded with a warning that said, “crypto assets, being unregulated products, carry some significant risks.”
Cryptocurrency and social media advertising are areas where countries have not yet been able to regulate themselves due to the industry’s ambiguity fully. Perhaps Spain will be an example for other European countries to follow.