The National Stock Market Commission (CNMV) Warns Against Fraudulent Crypto Ads
The National Stock Market Commission (CNMV), Spain’s principal securities market regulator, has issued a warning against fraudulent cryptocurrency advertisements on social media platforms and emphasized the importance of companies adhering to local laws.
In a speech at the annual Deloitte conference for the Spanish financial sector in Madrid, CNMV head, Rodrigo Valbuena, highlighted the illegal use of the image of Spanish actors and the design and identity of a national media in these ads, aimed at deceiving investors.
Valbuena stressed the responsibility of internet companies, media, and social networks to take measures against investment promotions by unlicensed entities, with potential sanctions for noncompliance. He also assured that the CNMV would rigorously exercise its supervisory and sanctioning powers in these cases.
The CNMV has also announced plans to strengthen its human resources by increasing its staff by 15% in preparation for new tasks. This comes as the regulator opened its first case against a technology provider for violating crypto promotion rules in the country, initiating “sanctioning proceedings” against Miolos for two “massive” advertisement campaigns that allegedly failed to include risk warnings or obtain authorization from the CNMV.
Furthermore, Spain has expressed its intention to implement the Markets in Crypto-Assets Regulation (MiCA), the first comprehensive European Union crypto framework, even earlier than the July 2026 deadline for EU member states to provide legal certainty and investor protection.
This move by the CNMV and the Spanish government reflects a growing effort to regulate and monitor the cryptocurrency market, ensuring investor protection and compliance with local laws.
Sources:
– CNMV official speech at the annual Deloitte conference for the Spanish financial sector in Madrid: https://cointelegraph.com/news/spanish-regulator-signals-potential-x-former-twitter-probe-on-crypto-ads
– CNMV’s first case against a technology provider for violating crypto promotion rules: https://cointelegraph.com/news/spanish-regulator-signals-potential-x-former-twitter-probe-on-crypto-ads
– Spain’s intention to implement the Markets in Crypto-Assets Regulation (MiCA) framework: https://cointelegraph.com/news/spanish-regulator-signals-potential-x-former-twitter-probe-on-crypto-ads
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