Spain's financial regulator Comisión Nacional del Mercado de Valores, or CNMV, has announced new regulations for advertising cryptocurrency investments. According to the new circular, which will go into effect on February 17, 2022, cryptocurrency advertisements must be "clear, balanced and fair" while providing sufficient information about the risks associated with cryptocurrency investing.
The new rules also require advertisers targeting 100,000 or more people to give the regulator 10 days' notice. After the initial report, other advertising activities will be overseen by the CNMV, but will not require advanced reporting.
CNMV also made it clear that influencers are covered by the new advertising rules. The rules apply to crypto providers who display ads themselves or through third-party ad providers, such as cryptocurrency influencers.
In addition to these rules, the CNMV also requires crypto ads to include a section informing viewers that cryptocurrency investments are not regulated and a warning that the full amount invested may be lost. Finally, the ads must include links to additional information.
