The crypto sector continues to attract attention with its intriguing posts. According to the National Securities Market Commission (CNMV), Spain’s main securities market regulator, its fraudulent crypto asset promotions shared through X have caught the attention of the crypto community. In the announcement presented to the public by CNMV officials, the obligation of companies to comply with local laws was reiterated once again.
CNMV President Shares Details of the Process
CNMV President Rodrigo Valbuena, in his speech at the annual Deloitte conference on the Spanish finance sector held in Madrid on November 8, revealed to the public that some Spanish actors have illegally used the image and identity of national media organizations and their identities to try to obtain personal data and money from investors, as also 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. At this point, Valbuena suggested imposing sanctions for this inconsistency. The CNMV president emphasized that the institution will take significant steps in this regard and expressed the following views:
“I assure you that in these cases, we will use all our capacity, inspection powers, and supervision and sanction 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 strengthen their human resources by increasing personnel by 15% in the coming period.
On November 8, CNMV opened its first case against a technology provider in Spain for violating crypto advertising rules. It announced the initiation of punitive measures and sanctions regarding the Miolos’ advertising campaigns in September and November 2022. In the related investigation, it was alleged that the company did not add risk warnings or submit its campaigns for approval by CNMV officials.
The Spanish government announced that it plans to implement its first comprehensive legal framework for the crypto sector in the European Union, called Markets in Crypto-Assets Regulation (MiCA), earlier than the deadline of July 2026 to ensure the clear stance of EU member countries on legal regulation and investor protection.
