Spain reveals new laws for crypto posts – Spanish regulators are trying to control the sale of cryptocurrencies with new restrictions; on influencers’ actions. The CNMV government agency responsible for the financial regulation of securities markets in Spain; An order was issued on Monday setting out the new rules. Posts promoting cryptocurrencies should now contain information that governments don’t regulate the cryptocurrencies’ investments. Consequently, they may not be suitable for retail investors. Also, the total amount of the investment may be lost.
Influencers with more than 100,000 followers in the region; Will have to notify CNMV of the contents of cryptocurrency-related shares; This warning must be at least ten days in advance. Spain also imposed fines for non-compliance, a pretty decent amount, 300,000 euros. According to reports, the new rules will come into force in February.
Although this is the first clear example for the EU; Several other countries have decided to control how crypto firms publish their services. The UK Advertising Standards Authority is in the process of creating new guidelines for the industry. They said regulation is a “red alert” priority.
On Monday, Singapore also moved on to filtering ads. They recommended that service providers distribute their products only on their websites, social media, or apps. Therefore, do not share the risks of investing in digital assets.
With the growth of the trading sector, the number one task for countries in crypto regulation. To make ongoing processes as safe and less harmful as possible for investors. In 2022, notable changes await us in this regard. The regulation process divides thoughts into two parts; However, Britain and several European countries are already ready to take practical steps in this direction. Last year, China significantly tightened the rules for consuming and investing in digital currency. We will find out shortly whether any other country will join this initiative with practical steps.