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Interesting posts continue to emerge regarding the cryptocurrency sector. According to the National Securities Market Commission (CNMV), the most important securities market regulator in Spain, fraudulent crypto asset promotions shared by X have caught the attention of the crypto community. The post, presented to the public by CNMV officials, once again emphasized the obligation of companies to comply with local laws.
CNMV President Shares Details of the Process
CNMV President Rodrigo Valbuena, in his speech at the Deloitte conference on the Spanish financial sector held in Madrid on November 8, publicly disclosed that some Spanish actors illegally used the image, national media formations, and identity of certain Spanish actors to try to obtain personal data and money from investors, as mentioned in the X post.
Valbuena reminded that the legal regulations in Spain hold internet companies, media, and social media platforms responsible for taking measures against investment promotions made by unlicensed organizations. In this regard, Valbuena recommended imposing sanctions for this discrepancy. The CNMV president emphasized that the institution will take significant steps in this matter and expressed his views as follows:
“I assure you that in these cases, we will use all our capacity, supervisory powers, and oversight and sanctioning powers with utmost care.”
Steps Towards Crypto Regulations in Spain
The regulatory agency also informed the public that CNMV officials are preparing for new responsibilities and will increase the number of personnel by 15% by strengthening their human resources in the coming period.
On November 8, CNMV filed its first lawsuit against a technology provider in Spain for violating crypto promotion rules. It announced that it initiated sanction procedures regarding the advertising campaigns in September and November 2022 against Miolos. In the relevant investigation, it was alleged that the company did not add risk warnings or submit the campaigns it organized to the approval of CNMV officials.
The Spanish government announced that it plans to implement its comprehensive legal framework for the European Union crypto sector, known as the Markets in Crypto Assets Regulation (MiCA), earlier than the deadline of July 2026 in order to ensure the clear stance of EU member countries on legal regulations and investor protection.
