The President of the National Securities Market Commission in Spain (CNMV) affirmed that networks are responsible for taking measures against the promotion of investments by unlicensed entities.
The CNMV, the primary financial regulatory body in Spain, pointed out fraudulent cryptocurrency asset offerings on the 'X' platform (formerly known as Twitter) and emphasized the necessity for companies to comply with local laws.
In a speech delivered at the annual Deloitte conference for the Spanish financial sector in Madrid on November 8th, CNMV President Rodrigo Valbuena revealed that the implicated advertisements "illegally use images of some Spanish representatives and designs and identities of national media to try to obtain data and money from investors."
Valbuena also reminded the public that Spanish legislation holds "internet companies, media, and social networks" responsible for taking measures against the promotion of investments by unlicensed entities, proposing penalties for non-compliance. Valbuena further assured that his agency would rigorously exercise its supervisory and punitive powers in these cases:
"I can confirm that we will rigorously exercise all our supervisory and punitive powers in these cases."
Additionally, the regulatory body warned that the committee is "preparing for new tasks" and will soon enhance its human resources by increasing its staff by 15%.
Last week, the committee filed its first case against a technology provider for violating cryptocurrency promotion rules in the country, initiating "punitive measures" against the company 'Miolos' for two "massive" advertising campaigns in September and November 2022. The committee noted that the company failed to include risk warnings and did not seek permission from the committee for its campaigns.
On another note, Spain announced its intention to implement the first comprehensive framework for cryptocurrencies in the European Union— the Markets in Crypto-Assets Regulation (MiCA)— even before the July 2026 deadline set for EU member states, aiming to provide legal certainty and protect investors.
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