Spain will soon regulate bitcoin advertising

Following the approval of the Comisión Nacional del Mercado de Valores project by the Spanish council of state in December, the regulations are expected to be published shortly. According to local sources, the document containing the advertising standards could be released this week, with the laws expected to take effect within a month. In particular, the initiative, discussed on 22 December and which is now undergoing a final review, has already been in the works for a few days, with the Spanish government providing the conclusions for the evaluations.

The regulations, which have been amended since their first public consultation in April 2021, have a defined goal to regulate advertising. In any case, it is expected that it will clarify which advertisements must be approved by the CNMV and which commercials must also follow a series of conditions that have been previously established for the promotion of other types of financial products.

Large advertisements for cryptocurrencies that are aimed at the general public would be subject to the strictest regulatory oversight by the European Commission, among other things. The rest of the announcements will not be exempt from regulation as the CNMV will also supervise them. The regulations require cryptocurrency advertising to be transparent, balanced, impartial and not misleading, as well as "accurate, sufficient and up-to-date, in a manner appropriate to its nature and complexity, as well as to the characteristics of the media used".

Outside the European Commission, on the other side of the world, Singapore is seeking to limit the ability of cryptocurrency operators to advertise their services to the nation’s general public. Subsequently there was the issue by the Monetary Authority of Singapore (MAS) of new rules aimed at discouraging retail speculation in various activities considered volatile.

In particular, in Spain progress is being made on many fronts in terms of Bitcoin legislation. The cryptocurrency economy continues to thrive and spread to new areas despite stricter laws on cryptocurrency exchanges and custody platforms. The nation recently signed a deal that would see another 100 BTC ATMs installed in several Spanish provinces, which, at the moment, is the European country with the most of these devices. This would cause Spain to overtake El Salvador, the first country in the world to use bitcoin as legal tender, in the number of active cryptocurrency ATMs.

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