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Spain’s stock market supervisor has disclosed its initiation of the first case related to potential violations of recent regulations governing mass advertising campaigns for cryptoassets. The regulatory body, known as CNMV, is also examining advertisements on the social media platform X (formerly Twitter), owned by Elon Musk, for potential infringements. The move follows Spain’s introduction of measures at the beginning of 2022 to regulate cryptoasset advertising, requiring CNMV authorization for mass campaigns and ensuring investor awareness of associated risks.
On Wednesday, CNMV announced disciplinary proceedings against Spanish technology provider Miolos S.L. concerning two mass campaigns advertising cryptoassets. Rodrigo Buenaventura, head of the supervisor, emphasized that this marks the first sanctioning proceeding for non-compliance with regulations governing cryptoasset advertising. The regulatory scrutiny reflects global concerns about the rapid growth of crypto and digital assets linked to traditional currencies, with regulators aiming to mitigate potential risks to the financial system.
CNMV is investigating possible serious infringements, including the failure to include information and warnings on the risks of advertised cryptoassets and the absence of prior notifications. Buenaventura highlighted the regulator’s proactive stance against financial fraud related to cryptoassets and noted recent advertisements on social media platform X promoted by an unauthorized entity. Advertisers and cryptoasset service providers are mandated to inform CNMV at least 10 days before launching campaigns targeting over 100,000 people, as per the regulations implemented in mid-February of the previous year.
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