Search for:
  • Home/
  • News/
  • Spanish regulators set precedent for crypto advertising violations

Spanish regulators set precedent for crypto advertising violations

The National Securities Market Commission (CNMV), Spain’s main financial regulator, has filed its first lawsuit against a technology provider for violating rules for introducing cryptocurrencies in the country.

According to a Press release On November 8, the CNMV launched an “enforcement case” against Miolos for two “major” advertisements released in September and November 2022.

The regulator accuses Miolos of failing to comply with regulations on cryptocurrencies in January 2022. Notably, the company did not include any risk warnings and did not submit its campaigns for authorization by the CNMV. In fact, the rules require companies to submit promotional materials for review at least 10 days before publication.

According to the press release, this is the first time the CNMV is initiating an enforcement procedure for non-compliance with the rules on the promotion of cryptocurrencies. “We remind the public of the need to follow and respect them.”. The Spanish regulator also reiterated Miolos’ right to defend himself against the accusations.

Meanwhile, the country involved in overseeing the promotion of cryptocurrencies can draw some conclusions from the example set by the United Kingdom. In the UK, regulators’ willingness to prosecute breaches of cryptocurrency promotion rules has led to a lawsuit. companies’ serious inability to respect them and some exit the market major international operators.
Originally the Financial Conduct Authority (FCA) had to: extension of technical deadlines “Final non-manual guidance” for 2024 compliance will be published and the following will be clarified once again: compliance requirements.
Translation by Walter Rizzo

Leave A Comment

All fields marked with an asterisk (*) are required