Spain set to regulate influencers that promote crypto
If they have over 100,000+ followers
Spain has recently announced new rules on how social media influencers advertise cryptocurrency.
The new rule that the Spanish National Securities Market Commission (CNMV) will implement on the promoting of crypto will begin to take effect next month. The new rule will require individuals and companies to notify the CNMV 10 days before the release of any campaigns for crypto assets. The rule will apply to influencers who have more than 100,000 subscribers and are getting paid to promote cryptocurrency to their audience.
Reuters has reported that crypto advertisers would need to release the content of a company or influencer’s upcoming crypto campaign to the CNMV as well as include warnings about the risks of what they are trying to sell. The new regulation rule is designed to allow the CNMV to monitor the marketing ecosystem around the promoting of crypto assets to audiences as well as make sure that companies disclose the risks of purchasing crypto assets.
The new rule will not stop any influencers from discussing cryptocurrency with their followers, but they will have to allow the Spanish National Securities Market Commission to keep tabs on what the influencer is promoting and offering to their audience.⠀
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