The Spanish regulator points out the X query on crypto ads
The National Stock Market Commission (CNMV), Spain's main securities market regulator, has called out fraudulent promotions of crypto assets on X (formerly Twitter) and requires companies to comply with local laws.
In the year On November 8, at the annual Deloitte conference for the Spanish financial sector in Madrid, the head of the CNMV, Rodrigo Valbuena, stated that the ads in question “make illegal use of the image and design and identity of some Spanish actors. Trying to get information and money from investors in the national media.”
Valbuena reminded the audience that Spanish law holds “internet companies, media and social networks” responsible for taking steps to promote investment by unlicensed entities and suggests banning non-compliance. The agency also promised to look into this matter seriously:
“I can assure you that we will use all of our powers, regulatory powers and regulatory and punitive powers in these cases very carefully.”
The regulator also warned that the CNMV is “preparing for new tasks” and will soon strengthen its human resources and increase its staff by 15%.
Related: Survey: 65% of Spaniards are not interested in using the digital euro
On November 8, the CNMV opened the first case against a technology provider for violating the rules of crypto promotion in the country. It launched “sanction proceedings” against Milos for two “huge” advertising campaigns in September and November 2022. The company allegedly did not include risk warnings or submit its campaigns to the CNMV for approval.
Spain has said it intends to implement the first comprehensive EU crypto framework – the Markets in Crypto-Assets Regulation (MiCA) – from July 2026 ahead of the previous deadline to provide EU member states with legal certainty and investor protection.
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