Spain has new rules in place for how social media influencers can advertise or promote cryptocurrency.
Reuters reported that Spain is planning to make the move to regulate the rampant crypto advertising by February 2022. Cryptocurrencies and digital assets have seen a surge in growth worldwide and have been seen as a risk to the financial system if it is not monitored. Starting next month, the Spanis National Securities Market Commission (CNMV) demands that companies and people notify it at least 10 days prior to running a crypto assets ad. The rule applies to those with more than 100,000 subscribers and are paid to promote any cryptocurrency-related news.
Crypto advisers will not only need to release the contents of their upcoming campaigns to the CNMV but will also need to include a disclaimer warning about the risks of what they are selling. The new regulation helps CNMV better regulate the marketing ecosystem surrounding crypto assets. Late last year, soccer star Andrés Iniesta sent a Tweet stating, “I’m learning how to get started with crypto with @binance,” evidently promoting Binance. At the time, the CNMV took matters into its own hands and responded in a warning that said, “cryptoassets, being unregulated products, carry some significant risks.”
Cryptocurrency and social media advertising are both areas in which countries have not yet been able to fully regulate due to their ambiguity. Whether or not Spain’s new rule will help to provide more supervision on the country’s crypto-asset advertising, it is evident that government regulation on cryptocurrency will only become apparent as it becomes more popular.
In other tech news, the new Apple iPad Pro is rumored to feature MagSafe charging.
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