The financial regulators of Spanish released new guidelines for the crypto services to promote their crypto services.
With the adoption of the crypto and Blockchain in multiple use cases with better opportunities, few people are also trying to manipulate the minds of people to get into some unfair crypto projects. And also there are many possible crypto advertisements available, where people are getting into some risky activities. For example promotion of a particular crypto asset.
Comisión Nacional del Mercado de Valores, the financial regulatory body of Spanish, published new guidelines for all the small and big crypto businesses and companies to bring the promotion of their crypto-related services under new restricted guidelines. The new guidelines will come into effect officially on 17 January 2021.
As per new rules, all the crypto-related advertisements should be clear to the people, and also it should mention the possible risks that are associated with the involvement/investment.
New crypto ads rules also have provisions for the crypto ads, which want to target an audience of more than 100,000. All these crypto Ads needed to report about their campaign of crypto advertisement before 10 days to the Spanish Watchdog. Besides, all small scale ads will be under the radar of the agency to figure out whether any company/business is trying to mislead people or not.
Under these new guidelines, all the crypto influencers are also included, which are restricted to following all these rules under the supervision of CNMV. This is a clear indication that crypto ads targeting 100,000 users will be strictly imposed on Instagram, Youtube crypto influencers.
The main important thing that the CNMV agency ordered for all the crypto ads runners is to mention the 100% risk of investment. Agency stated that every ad should mention that investments are not regulated by government agencies and also all the investments may end up into loss.