After almost a year of investigation, Spain is ready to legally restrict the promotion of Bitcoin and other cryptocurrencies next month.
Following the council of state’s acceptance of the draught of the Comisión Nacional del Mercado de Valores (CNMV) in December, the rules are expected to be published in their full on Monday, January 17.
According to sources at a local Spanish news site, La Información, the document detailing the advertising rules might be revealed this week, with the legislation anticipated to take effect within a month.
The proposal outlined on December 22 and now undergoing final evaluations, in particular, has been in the works for some days, with the Spanish government delivering the assessments’ results.
The laws, which have been updated since their first public consultation in April 2021, have a clearly stated objective of regulating advertising. In any case, it is expected to define which advertisements must be authorised by the CNMV and which advertisements must also adhere to a variety of restrictions already set for the marketing of other sorts of financial goods.
Large ads for cryptocurrencies intended towards the general public would be subject to the European Commission’s most strict regulatory scrutiny, among other things. The rest of the announcements will not be free from regulation, since they will be supervised by the CNMV as well.
The laws mandate that bitcoin advertising be clear, balanced, impartial, and non-misleading, as well as “accurate, adequate, and updated in a way proportionate to its nature and complexity, as well as the features of the medium utilised.”
Singapore, on the opposite side of the globe from the European Commission, is attempting to limit cryptocurrency operators’ ability to market their services to the general public in the country. As a consequence of the Monetary Authority of Singapore’s (MAS) adoption of new laws aimed at reducing retail speculating in a variety of risky assets.
Notably, Spain is making significant progress on several fronts in terms of Bitcoin regulation. Despite tightened regulations on bitcoin exchanges and custodial platforms, the cryptocurrency industry continues to thrive and expand into new sectors.
The government recently reached a deal that would see the addition of 100 Bitcoin ATMs in numerous Spanish regions, which currently has the most of these machines in Europe.
Spain will therefore overtake El Salvador, the world’s first nation to adopt Bitcoin as legal cash, in terms of the number of operating cryptocurrency ATMs.
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