Fin. regulators in Spain are planning to watch for a large crypto metaverse event, Mundocrypto, that will take place in Madrid.
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The National Securities Market Comission (CNMV) warned that managers of the event and sponsors aren’t authorized to deliver investment services or collect funds.
Mundocrypto is expected to attract 7,000 people. Spain's fin authorities find that such events are mostly aimed at attracting people into making crypto investments without being aware of possible results.
According to the Washington Post, Mandocrypto founder Mani Thawani, said the occasion is only for educational reasons.
The company describes itself as a leading cryptocurrency and blockchain educating company, saying 55,000 of its students have already started to invest.
Previously, some families informed financial regulators that another crypto academy was pursuing students to spend their money on lessons promising they will earn a future.