The Spanish securities regulator CNMV is targeting the advertising of crypto services. Influencers in particular are to be held accountable with the measure.
Spain has set new guidelines for advertising around Bitcoin and Co. This was announced by the Comisión Nacional del Mercado de Valores (CNMV) in a statement on Monday.
According to this, opinion leaders on the Internet and companies with more than 100,000 followers will have to include a disclaimer in crypto-related advertising in the future.
“Investments in crypto assets are not regulated. They may not be suitable for retail investors and the entire amount invested may be lost,” the risk warning reads.
In addition, the agency gives stakeholders 10 days to report any relevant advertising activity.
Influencers, PR agencies and crypto companies face penalties of up to 300,000 euros in the event of violations.
The new rules are expected to come into effect in February.
In recent months, several influencers have emerged, some of whom have advertised dubious projects. Kim Kardashian, Floyd Mayweather and Paul Pierce are currently dealing with a class action lawsuit due to an alleged scam.
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