Cryptocurrency influencer regulation begins in Spain

Interest in cryptocurrencies is increasing year by year, but cryptocurrencies such as China and India are used because a large amount of electricity is used for mining cryptocurrencies and it may affect the value of existing currencies. There is a movement to make the currency illegal. Meanwhile, the Spanish Securities and Exchange Commission has announced new regulations on crypto influencers.

NEW CNMV CIRCULAR ON THE ADVERTISING OF CRYPTO-ASSETS FOR INVESTMENT PURPOSES
(PDF file) https://www.cnmv.es/portal/verDoc.axd?t={1cbaf61c-57c2-4830-bd6a-071f806795e2}

Spain will regulate influencers promoting cryptocurrency --The Verge
https://www.theverge.com/2022/1/17/22887752/spain-cnmv-crypto-asset-advertising-influencer-rules

In recent years, there has been an increasing movement to regulate virtual currencies around the world, and in September 2021, the People's Bank of China declared that 'business activities related to virtual currencies are illegal financial activities', and services related to virtual currencies Declared to forbid offering. In November 2021, Reserve Bank of India Governor Shaktikanta Das said, 'The central bank has serious concerns (for cryptocurrencies) in terms of macroeconomic and financial stability,' after which the Government of India coded. We are announcing a bill banning assets.

Indian Government Announces Bill to Ban Cryptocurrency-GIGAZINE

The regulation by the Spanish Securities and Exchange Commission is aimed at influencers who have more than 100,000 followers, and the influencers were asked by the Spanish Securities and Exchange Commission more than 10 days before the campaign on cryptocurrencies was carried out. You are required to report.

The regulation will allow the Securities and Exchange Commission of Spain to specifically monitor the content of the cryptocurrency campaign and instruct the campaign to include warnings such as 'risks associated with investment'. The regulation will start in February 2022.

The Spanish Securities and Exchange Commission has long been known for its strict attitude towards influencer cryptocurrency campaigns. For example, in September 2021, Andres Iniesta , a former Spanish national football player who was enrolled in Vissel Kobe at the time of writing the article, posted with the logo of the major cryptocurrency exchange Binance, 'I will start cryptocurrency. In response to the tweet 'I'm learning how', the Spanish Securities and Exchange Commission said, 'There are some risks in cryptocurrencies. Before recommending cryptocurrencies to others, I learned enough myself. Please do it. '

Hola, @ andresiniesta8 , los criptoactivos, al ser productos no regulados, tienen algunos riesgos relevantes. Es recomendable leer el comunicado de @CNMV_MEDIOS del 9/2/2021 https://t.co/SWRF73xEJj e informarse a fondo antes de invertir en ellos o de recomendar a otros que lo hagan

— CNMV (@CNMV_MEDIOS) November 24, 2021