Spain’s primary securities market regulator, the National Stock Market Commission (CNMV), has taken a firm stance against fraudulent cryptocurrency asset promotions on social media, specifically on X (formerly known as Twitter).
In a recent speech delivered at the annual Deloitte conference for the Spanish financial sector in Madrid on November 8, CNMV’s head, Rodrigo Valbuena, highlighted the misuse of Spanish actors’ images and the identity of a national media outlet by these fraudulent advertisements.
These deceptive promotions aim to deceive investors into providing personal data and money.
Valbuena emphasized the importance of internet companies, media organizations, and social networks in adhering to Spanish laws that regulate investment promotions by unlicensed entities.
He warned of potential sanctions for noncompliance and pledged the CNMV’s commitment to addressing these issues rigorously.
He stated, “I can assure you that we will scrupulously exercise all our capacities, supervisory powers, and our supervisory and sanctioning powers in these cases.”
Additionally, the CNMV announced plans to bolster its resources by expanding its staff by 15% as part of preparations for new regulatory responsibilities.
Furthermore, on November 8, the CNMV initiated its first case against a technology provider, Miolos, for violating cryptocurrency promotion rules in Spain.
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Miolos allegedly conducted two extensive advertising campaigns in September and November 2022 without including risk warnings or obtaining authorization from the CNMV.
The regulator has initiated “sanctioning proceedings” against the company for these violations.
In a broader context, Spain is taking proactive steps in the cryptocurrency regulatory landscape.
The country has expressed its intention to adopt the Markets in Crypto-Assets Regulation (MiCA), which is the European Union’s first comprehensive crypto framework.
Spain aims to implement MiCA ahead of the EU’s July 2026 deadline, demonstrating its commitment to providing legal certainty and investor protection in the evolving crypto market.
In summary, the CNMV is cracking down on fraudulent cryptocurrency promotions on social media platforms, urging compliance with local laws, and preparing for expanded regulatory responsibilities.
Spain’s proactive approach to crypto regulation aligns with its goal of early adoption of EU-wide standards to ensure a secure and transparent crypto market for investors.
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