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Spain is to establish rules regarding how promoters, their sponsors and others promote crypto currency. Advertisers and other advertisers with more than 100,000 followers in the country must notify the National Securities Market Commission (CNMV) at least 10 days before connecting crypto assets. He will receive a fine of up to € 300,000 (approximately $ 342,000) for violating the law, which went into effect on February 17.
Affiliates are required to disclose whether they have received payment for speaking cryptocurrencies. If so, they will need to issue clear and unambiguous warnings about the risks of crypto, including that money is not being managed. The rules also include companies that promote crypto assets, as well as PR companies that employ them.
“If the instigators were not covered there would be a door to control,” CNMV chief Rodrigo Buenaventura told Financial Times. “This is a new place, for us and for them, and there will be conflicts, but this always happens when you bring legislation to something that has not been implemented before.”
He believes this is the first time the European Union has issued such a directive. EU members have not yet agreed on how to run crypto across the bloc. Meanwhile, Buenaventura says member states are struggling with other crypto-related issues, including the way they are advertised.
Some of the perpetrators who linked crypto assets and other similar items were found to be in hot water. In July, French authorities paid € 20,000 to a TV expert ($ 22,800) for “misleading marketing” on Bitcoin trading on Snapchat. Kim Kardashian and Floyd Mayweather were this month he was cited as a critic in a class lawsuit accusing them of participating in “pump and dump”.
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