New Regulations for Crypto Advertising: What You Need to Know

Understanding the New CNMV Regulations

The Comisión Nacional del Mercado de Valores (CNMV), Spain’s financial authority, has issued a fresh set of regulations to govern the murky waters of crypto-asset investment advertising. These new rules are set to rock the crypto world starting February 17, 2022, demanding transparency and full disclosure from advertisers. No more vague promises of riches—now, it’s all about being “clear, balanced, and fair!”

What Do the New Rules Entail?

Under the new guidelines, advertisers targeting an audience of 100,000 or more must notify the CNMV at least 10 days prior to the campaign launch. Sounds like a reasonable heads-up, right? Once the initial notification goes through, the CNMV will keep an eye on future ads, but advertisers can breathe a sigh of relief knowing they won’t have to keep sending reminders.

Influencers, You’re Not Off the Hook!

In a surprising twist, the regulations extend to influencers too! If you’re a crypto service provider planning to promote your product through social media influencers, you better be ready to comply with the same rigorous rules as mainstream advertisers. It’s not all sunshine and rainbows for influencers who thought they could fly under the radar. This move emphasizes the importance of responsible advertising in the crypto space.

Risk Awareness: A Necessary Evil

One of the glaring requirements is that crypto ads must now feature a clear disclaimer about the risks involved. Gone are the days of sugar-coating; advertisers must inform potential investors that these are unregulated assets and that they risk losing their entire investment—yikes! Looking for a silver lining? At least this could lead to more informed decision-making by the public.

What’s the Global Trend?

Spain isn’t the only country honing in on crypto ads. The UK’s Advertising Standards Authority (ASA) has also begun cracking down, having already taken down ads from heavyweights like Coinbase and Kraken for not playing by the rules. Plus, in Singapore, the Monetary Authority is getting in on the action, limiting how Digital Payment Token (DPT) providers can advertise their services. It seems policymakers worldwide are getting serious—crypto firms, brace yourselves!