Spanish regulator will strict rules for street ads of crypto

by in Cryptocurrency News

Spain

The Spanish National Commission for the Securities Market (CNMV) called street advertising of cryptocurrencies "risky" and proposed to tighten the rules for its placement. This was stated by the president of the organization, Rodrigo Buenaventura.

According to him, the regulator will hold a series of consultations with both CNMV specialists and third-party experts. After that, the commission will present the final document on the regulation of street advertising of digital assets.

“CNMV has no plans to tighten control over cryptocurrencies, service providers, or operations. The rules will only affect advertising,” Buenaventura emphasized.

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The reason was the advertising campaign of the local cryptocurrency exchange Bit2me. In February and March 2021, the platform placed posters on the main streets of Madrid and Barcelona with the slogan: “The revolution has just begun. Welcome to Bitcoin."

Earlier, the Spanish authorities announced mandatory registration for bitcoin companies by the EU's Fifth Anti-Money Laundering Directive (AMLD5).