Spanish regulators have set a precedent in the crypto ad breach case.
The main financial regulator in Spain, the National Securities Market Commission (CNMV) has opened the first case against a technology provider for violating the rules of crypto promotion in the country.
According to a press release from November 8, the CNMV has launched “sanction proceedings” against Milos for two “giant” advertising companies in September and November 2022.
The regulator accused Miolos of non-compliance with cryptocurrency regulations established in January 2022. Specifically, the company did not post any risk warnings and did not submit its campaigns to the CNMV for approval. The rules require companies to submit promotional materials for checks 10 days before they are issued.
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According to the press release, this is the first time that the CNMV has opened penalty procedures for non-compliance with crypto promotion regulations “to remind the public that it is important to follow and comply with them.” The Spanish regulator reiterated that Miolos has the right to defend himself against accusations.
Spain has said it intends to implement the EU's first comprehensive crypto-markets framework, the Crypto-Assets Regulation (MiCA), even ahead of the deadline to provide EU legal certainty and investor protection.
In the meantime, the country can draw some conclusions from the example of the United Kingdom by entering into the control of crypto promotion. The eagerness of regulators in the UK to track down breaches of crypto promotion rules has led to a significant failure of businesses to comply with them and the exit of many major global players.
First, the Financial Conduct Authority (FCA) had to extend the technical deadlines for compliance to 2024 and then issue “the definitive non-manual guidance”, which again clarified the compliance requirements.
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