Spain’s stock market supervisor, the CNMV, announced on Wednesday that it has launched its first-ever case related to potential violations of the recently established regulations overseeing mass advertising campaigns for cryptoassets. The move comes as part of Madrid’s efforts to bring order to the booming crypto advertising industry.
As of January 2022, Spain introduced stringent regulations aimed at curtailing the unrestrained promotion of cryptoassets. The new rules mandated that the CNMV, the country’s financial watchdog, must approve mass advertising campaigns while ensuring that investors are fully informed about the potential risks associated with cryptocurrency investments, as reported by Reuters.
In a parallel announcement, the CNMV disclosed that it is currently scrutinizing advertisements disseminated on the social media platform X, previously known as Twitter. This platform recently went private under the stewardship of tech magnate Elon Musk. The examination seeks to identify any potential infringements in line with the recently imposed advertising guidelines.
Related: Spain Aims To Set Up AI Regulations During Its EU Rotating Presidency
The CNMV’s actions indicate a commitment to enforcing the cryptocurrency advertising regulations, which have become increasingly vital in protecting investors from misleading or deceptive promotions in the rapidly growing crypto market.
The CNMV revealed that it has officially initiated disciplinary proceedings against Spanish technology provider Miolos S.L. regarding two mass advertising campaigns promoting cryptoassets. It is important to note that this step does not preclude the final outcome of the investigation, and further details about the alleged violations are yet to be released.
Source: Reuters
Featured News
Mexico Moves Forward with Reform to Eliminate Key Regulators, Including Competition Watchdog
Aug 23, 2024 by
CPI
DOJ Sues RealPage for Alleged Rent-Fixing Scheme Using AI Software
Aug 23, 2024 by
CPI
Advance Auto Parts to Offload Worldpac for $1.5 Billion
Aug 22, 2024 by
CPI
Bronfman Ups Ante to $6 Billion in Paramount Battle, Skydance Deal at Risk
Aug 22, 2024 by
CPI
Google and California Strike Historic Deal to Fund Newsrooms Amid Controversy
Aug 22, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – State Attorneys General
Aug 22, 2024 by
CPI
CPI Talks… …With Attorney General Phil Weiser
Aug 22, 2024 by
CPI
The Bipartisan Miracle of State Antitrust Enforcement
Aug 22, 2024 by
Gwendolyn J. Lindsay Cooley
Recent Developments in State Antitrust Enforcement: Agriculture and Food Markets
Aug 22, 2024 by
Elizabeth R. Odette
State Attorneys General: Stewards of Consumer Health and Welfare
Aug 22, 2024 by
Brooke Howlett Lovrovich