Spanish government will implement new rules for crypto ads
Spanish financial regulator Comisión Nacional del Mercado de Valores, or CNMV, announced new regulations for crypto-asset investments advertising. According to the new circular that will take effect on February 17, 2022, crypto ads must be “clear, balanced and fair” while also providing sufficient information on the risks involved when investing in crypto.
The new rules also require advertisers targeting 100,000 people or more to inform the regulator 10 days in advance. After the initial report, the remaining ad activities will be supervised by the CNMV, but will not require advanced reporting.
The CNMV also made it clear that influencers are covered by the new advertising regulations. The rules apply to crypto service providers running ads on their own or through third-party ad providers like crypto influencers.
Aside from these rules, the CNMV also requires crypto ads to include a snippet informing the audience that crypto investments are not regulated and a warning that the full amount invested may be lost. Lastly, the ads must also present links to more information.
While the regulator is targeting advertisements, the issuance of assets and other crypto-related services are not covered by the new rules.
The United Kingdom’s Advertising Standards Authority, or ASA, is also cracking down on crypto ads. Last year, the advertising regulator took down ads made by crypto firms Coinbase, Kraken, eToro and others for ad violations. More recently, ASA banned two mobile app ads by Crypto.com.
Meanwhile, the Monetary Authority of Singapore issued crypto ad restrictions as well. The guidelines prohibit digital payment token, or DPT, providers from advertising their products in public spaces such as public transportation public websites, social media, broadcast and print media. However, DPT providers can still advertise their products and services on their native websites and mobile applications.