The latest growth in the cryptocurrency market brought many questions regarding cryptocurrency regulations or the lack thereof. Many countries decided to work on the definition of digital assets and trading and mining regulations.
Some countries accepted Bitcoin as a legal tender, while others went ahead to ban all forms of digital assets while exploring the digital currency of their central banks.
For example, Spain focused on adding new crypto rules, especially when it comes to ads.
Spain Demands Risk Warnings Be Included in Ads
Spain’s financial markets regulator plans to add new rules for managing crypto ads. The government of Spain is aware that crypto investments come with an increased risk. However, according to the latest data, crypto advertisements usually don’t take note of any risks.
Back in 2018, the CNMV and the Central Bank of Spain issued a warning about crypto investments and the lack of transparency.
Then, in 2021, the Central Bank of Spain stated that digital assets might “galvanize and modernize the financial system” in the future.
Today, CNMV demands that all ads related to digital assets become transparent, balanced, and fair. For example, ads would have to include all the risks of crypto investments, such as loss, theft, scams, high volatility, and similar.
The new rule on crypto advertising in Span will take place on February 17, 2022.