Spain's Financial Regulator Targets Fraudulent Crypto Ads, Gears Up to Adopt EU's MiCA Framework
Summary:
Spain's top financial regulator, the National Stock Market Commission (CNMV), has highlighted the issue of fraudulent cryptocurrency promotions on a platform formerly known as Twitter. The commission has committed to enforcing local regulations and has recently initiated its first case against tech provider Miolos for violating the country's rules on cryptocurrency advertisement. Furthermore, Spain plans to adopt the EU's comprehensive crypto framework, the MiCA, before the July 2026 deadline.
Spain's primary financial overseer, the National Stock Market Commission (CNMV), has thrown a spotlight on illicit promotions of cryptocurrency assets on a platform known as X, previously named Twitter. The regulator has emphasised the legal responsibility of businesses to act in accordance with local regulations. During a Deloitte-run annual meeting for Spanish finance stakeholders held on November 8th in Madrid, Rodrigo Valbuena, head of CNMV, exposed the concerning advertisements stating that they unethically manipulate the identities of local actors and a national media outlet to deceive investors and extract their details and funds.
Valbuena highlighted the Spanish law holding "online platforms, news media, and social networks" accountable for countering promotions of investments by unregistered bodies. He proposed penalties for breaches of these regulations. The CNMV leader further committed to his agency’s strict action on this matter, stating they would fully utilise CNMV's regulatory capacity and powers of supervision and penalty imposition.
The CNMV is also preparing to take on further responsibilities and planning to augment its personnel by 15%. In regard to Spain’s attitude towards the digital euro, a recent poll suggests 65% of Spaniards have no interest in the currency.
Recently, the CNMV launched its first case against a tech supplier, Miolos, for breaking the country's rules on cryptos' advertisement. Accused of two extensive ad campaigns in September and November of 2022, Miolos is said to have neglected to feature risk warnings or seek the CNMV's approval for the promotions.
Spain had expressed its plans to adopt the first all-encompassing crypto framework from the European Union — the Markets in Crypto-assets Regulation (MiCA) — much earlier than the EU member states' deadline of July 2026, aimed at ensuring investment protection and legal clarity.
During this time, Janice, the widow of John McAfee, has found herself without funds, two years after her husband's death, and is seeking answers.
Published At
11/13/2023 12:13:14 PM
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