Regulation of advertising on bitcoin in Spain would come into force in a month

Advertising about bitcoin (BTC) and the rest of the cryptocurrencies in Spain is about to be officially regulated. After the approval of the project by the National Securities and Market Commission (CNMV) in December by the Council of State, it is expected that, as of this Monday, January 17, the regulations will be formally published.

Sources from a local media, La Información, assure that the document with the regulations that regulate advertising could be released this week, entering into force, predictably, within a month.

The project, which was debated on December 22, already has several days in final evaluations. Conclusions and other analyzes are being provided by the Spanish Government, according to that newspaper.

The legislation, which we have previously talked about in CriptoNoticias, has been updated since its public consultation, in April 2021, but it has a clear objective, which is to regulate advertising. In any case, It is expected that it will clarify which are the advertisements that must be authorized by the CNMV, which must also comply with a series of requirements already established for advertisements of other financial products.

In detail, and according to La Información, the massive announcements about cryptocurrencies, whose objective is the general public, are the type of advertising that will have more supervision of the Commission. The rest of the announcements do not escape, as they will also be subject to regulation by the CNMV.

The regulations want cryptocurrency advertisements are clear, balanced, impartial and not misleading, as well as that the price or profitability of an advertised cryptocurrency is, at the same time, “accurate, sufficient and updated, in a manner appropriate to its nature and complexity, as well as to the characteristics of the means of dissemination used”.

The CNMV defends that, given the increase in the use of cryptocurrencies by Spaniards as investment assets, regulation is “necessary” to “protect the consumer” and let them know the risks associated with bitcoin, including its characteristic volatility.

In Spain there are already many bitcoin investors / Source: The country.

Regulation was already on its way.

As mentioned above, the regulation of bitcoin advertising in Spain had been cooking in the ovens of the CNMV for some time. CriptoNoticias publications confirm this.

For example, in March, the CNMV emerged as the only entity with the capacity to supervise and regulate everything related to cryptocurrency advertising. This was established as part of a law reform, subscribed to the Royal Decree-Law.

After a few days of silence in this regard, it was later learned that the CNMV was accelerating the implementation of these regulations. The president of that organization, Rodrigo Buenaventura, said that there was “risk” in the advertisements, for what he saw “correct and timely” the measure to regulate advertising.

What is interesting is that the time between that announcement and the implementation of said regulations was considerable. Almost a year, in fact, if it is confirmed that the regulation will be published from next Monday.

Advertising yes, exchanges no

The regulation of bitcoin advertising in Spain comes a day after it was publicly known that the CNMV disassociated himself and clarified that he had no supervisory power over cryptocurrency exchanges, as reported by this medium.

Yesterday, the Blockchain Arbitration Society (BAS), an association dedicated to the crypto-asset economy, published the response they received from the Commission, in which it was clearly established that do not supervise or regulate these exchange houses.

“Platforms on which only crypto assets that are not considered financial instruments are traded, such as cryptocurrencies, would not be subject to the scope of supervision of the CNMV,” they clarify from the Commission.

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The CNMV will be the entity in charge of regulating Bitcoin advertising in Spain / Source: Public.

This shows that, in practical terms, the regulation of the cryptocurrency industry in Spain does not follow a clear pattern, as it is known that there are several State institutions and agencies involved in supervision.

However, and while progress is being made on several fronts in the regulation of bitcoin, the cryptocurrency economy continues to grow and reach more places in that country. Only yesterday it became known that another 100 BTC ATMs would be installed in several Spanish provinces, which, right now, is the European country with the largest number of these devices in operation.

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Regulation of advertising on bitcoin in Spain would come into force in a month

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