The Spanish government has made regulations governing the promotion and campaign of digital crypto assets, including by social media influencers. The rule assigns stock market watchdogs to assess crypto campaign. This rule was created to ensure investors are aware of the risks involved when investing in crypto assets. The rapid growth of cryptocurrencies and digital assets considered the money of the future is starting to attract the attention of regulators around the world. The regulators are said to be worried that these two things could harm the financial system if not monitored. In its rules, the Spanish government said that advertisers and companies marketing crypto assets must notify supervisors at Spain's National Securities Market Commission (CNMV) at least 10 days before the content of campaigns targeting more than 100,000 people.
The regulation allows CNMV to monitor advertisements for all types of crypto assets and includes risk warnings for those involved in such investments. The rules also apply to crypto asset service providers when advertising their activities. In addition, the rules also apply to anyone who advertises crypto individually either on his personal behalf or on behalf of third parties. In other words, influencers with more than 100,000 followers who are paid to advertise and promote crypto assets must notify CNMV when they are about to promote. In November 2021, CNMV berated soccer star Andres Iniesta after he promoted cryptocurrency exchange platform Binance on his Twitter and Instagram accounts. Iniesta was told that he must thoroughly inform cryptocurrencies before campaigning for the investment. Cryptocurrencies like bitcoin have had a high trend of price swings, especially with the significant increase in advertising to attract investors. Therefore, the latest regulations are most likely to prevent investors who do not know the risks of the investment and if investors still want to invest it means that they already know the risks.
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