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.
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.