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Spanish Financial Watchdog Is Almost Controlling Crypto Ads

22 March 2021, 17:36
Votes: 1

The National Securities Market Commission of Spain – Comision Nacional del Mercado de Valores (CNMV) – is one step away from having control over crypto-related advertising. Login Casino follows the most important cryptocurrency news, explaining an interesting case from Spain.

Spanish Financial Watchdog Is Almost Controlling Crypto Ads

While tackling the negative outcomes related to the coronavirus pandemic, the Spanish government has given the right to CNMV to control the advertising sector around crypto-assets. This legislative step was made in March 2021.

At the same time, the Spanish governmental structures, including CNMV and Bank of Spain, have already agreed that cryptocurrencies are volatile assets that have no supportive financial background. It allowed the structures to distance themselves from customer protection mechanisms that are usually applied in the financial sector.

What to expect in the nearest future?

However, those two inconveniences changed with the fact that the latest Royal Decree-Law has modified the article related to the Securities Market Act. It means that the governors cannot ignore the phenomenon of cryptocurrencies.

Nonetheless, all the latest legislative changes have to be agreed upon and adopted by CNMV as the highest financial watchdog. Their latest adoption of the new rules was in October 2020, while the upcoming one would definitely give the right to restrict, limit, and prohibit any crypto-related advertising in Spain.

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