Spanish financial authorities donâ€™t seem to be happy with the massive crypto-related advertising campaigns deployed across Madridâ€™s streets. The National Securities Market Commission (CNMV) is rushing to approve a regulation on such ads that promote bitcoin in Spain.
Proposal Comes in the Wake of a Bitcoin Advertising Campaign Ran by a Local Exchange
During a speech at the â€œObservatory of Financeâ€ conference hosted by El EspaÃ±ol, Rodrigo Buenaventura, CNMV president, was vocal on his stance against these ads, considering them â€œrisky.â€ He referred to all crypto-related advertising, rather than just only promoting bitcoin (BTC).
Although, he didnâ€™t mention specifically the reasons behind the sudden interest in regulating crypto advertising on streets, it came just after a local crypto exchange, Bit2me, deployed a massive campaign promoting bitcoin in Madrid.
In fact, the firm put over 800 posters across the Spanish capital city, and some of them very close to the CNMV headquarters. Buenaventura mentioned how the regulationâ€™s approval would be handled:
CNMVâ€™s Stance Against Cryptos Remains Unchanged
Still, the CNMV president clarified the financial watchdog should abide by the regulation during this process not to hurt any legitimate business with the proposed ruling.
But the Spanish financial watchdogâ€™s rhetoric against cryptocurrencies, specifically bitcoin, is well-documented by the press. The CNMV has been active in issuing several warnings about the high risks that cryptos bring due to â€œits increased speculative nature.â€
Early in February, the CNMV gave some hints on regulating the bitcoin-related ads, citing â€œthe increasing volatilityâ€ among cryptos. The watchdog claimed it bolstered firms to run these â€œaggressiveâ€ campaigns to attract investors â€“ the same time as Bit2me deployed its posters.
What are your thoughts on this forthcoming regulation on crypto ads in the streets of Spain? Let us know in the comments section below.
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