Spain has announced new rules for how social media influencers and others can advertise cryptocurrency assets, Reuters reports. Starting next month, the Spanish National Securities Market Commission (CNMV) will require people and companies to notify it at least 10 days before running campaigns for crypto assets. The rules apply to influencers with more than 100,000 subscribers who are paid to promote cryptocurrency — a practice that’s drawn criticism and even lawsuits worldwide.
According to Reuters, crypto advertisers will need to release the content of their upcoming campaigns to the CNMV, and they must include warnings about the risks of what they’re selling. The rules are designed to let the CNMV monitor the marketing ecosystem around crypto assets and make sure audiences are aware of risks.
The CNMV has previously used social media to throw cold water on crypto hype. In November it replied to a tweet from professional soccer player Andrés Iniesta after he enthusiastically promoted the cryptocurrency exchange Binance, warning him that “cryptoassets, being unregulated products, carry some significant risks.” (It was unclear whether Iniesta had been paid for his promotion.)