Cryptocurrencies: In the middle of 2022, there are still very few who at least know what Bitcoin is. They are already talked about as something normal, as a day-to-day thing that is there and in which some invest in order to obtain great benefits one day. In fact, there are not a few who on their social networks talk about things related to cryptocurrencies or that are related to them, to the point that some carry out advertising campaigns on their social networks. But it seems that in our country limits are going to be placed on these channels since influencers must meet certain requirements to advertise cryptocurrencies.
New limits for the announcement of cryptocurrencies in Spain
Cryptocurrencies are not something tangible like gold or companies that trade their shares on the stock market. It is true that with the growing fever for investing in this field, many have not only thought of mining these cryptocurrencies, but also of putting their money to work in a market so volatile that one day you can obtain great benefits such as the currency crashing and leaving you with losses. This is your share of risk, one for which even the Bank of Spain recommends you not to invest in cryptocurrencies.
But as we were saying, there are more and more who encourage investment and it is now that Spain has decided to set rules for all influencers who encourage investment in crypto assets. Above all, they are aimed at accounts with a high number of followers, something that falls within the imposed requirements.
It turns out that all accounts with more than 100,000 followers or subscribers who are going to start an advertising campaign related to cryptocurrencies must notify the National Securities Market Commission (CNMV) 10 days in advance before the start of the campaign. Likewise, cryptocurrency advertisers must also inform the agency of the characteristics of their product.
On the other hand, advertisers such as those who make said product known must include warnings about the risks of what they are selling (something that we have already commented on previously). In this way, it is intended that users are aware of what they intend to acquire if they do so.
With these regulations in place, the CNMV will be able to control the operation of cryptocurrency marketing as well as establish a minimum amount of information on what it means to invest in a field as unstable as this one. In this way, aggressive campaigns will also be avoided if they occur according to the channels where they appear.