Spanish Regulator Calls Out Fraudulent Crypto Promos
The National Stock Market Commission (CNMV), Spain’s principal financial regulator, has taken action against fraudulent crypto assets promos on social media platforms. The commission has emphasized the obligation of companies to comply with local laws in their advertising and promotional activities.
CNMV Head’s Warning
During a speech at the Deloitte annual conference for the Spanish financial sector in Madrid, CNMV head Rodrigo Valbuena highlighted the illegal use of Spanish actors’ images and national media designs in crypto ads. He stressed that internet companies, media, and social networks are responsible for preventing promotions by unlicensed entities and could face sanctions for non-compliance. Valbuena also assured the audience that the CNMV would rigorously exercise its supervisory and sanctioning powers to address these cases.
Regulatory Action Against Technology Provider
The CNMV recently initiated sanctioning proceedings against Miolos, a technology provider, for violating crypto promotion rules. The company failed to include risk warnings or seek authorization from the CNMV for its advertisement campaigns. This move signals the regulator’s commitment to enforcing compliance with crypto advertising regulations.
Spain’s Commitment to EU Crypto Framework
Furthermore, Spain aims to implement the Markets in Crypto-Assets Regulation (MiCA), the first comprehensive European Union crypto framework, ahead of the July 2026 deadline. This proactive approach demonstrates Spain’s dedication to providing legal certainty and investor protection in the rapidly evolving crypto market.
Hot Take: Strengthening Regulatory Measures
The CNMV’s recent actions underscore its determination to crack down on fraudulent crypto promotions and ensure adherence to regulatory standards within Spain’s financial landscape. By increasing its human resources and initiating proceedings against violators, the commission is sending a clear message about its commitment to upholding the integrity of the crypto market.
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