Spain Sets New Rules for Cryptocurrency Influencers. The growing cryptocurrency market has caught the attention of those concerned with the mainstream economy. Fear that if the technology does not establish control over the financial system, the system will be threatened in mainstream transactions.
In such a situation, the Spanish government has given official instructions. Suppose the target of campaigning with digital resources is more than one lakh people. In that case, the advertiser person and organization must inform the Local market observer ‘CNMV‘ at least 10 days in advance.
The new policy will take effect in mid-February, according to Reuters. Local market watchdogs will closely monitor the promotion of all types of crypto assets; The company will alert the general users if necessary to such investment questions.
The new policy will apply to influencers with more than one lakh followers on social media. Suppose they participate in advertising campaigns for a cryptocurrency project in exchange for money. In that case, they will be obliged to inform the market watchdog in advance.
In November last year, football star Andres Iniesta was scolded by CNMV. He campaigned on his own Twitter and Instagram accounts for cryptocurrency transaction platforms. Before investing in the cryptocurrency market and advising others to invest, he needed to know more about himself – this is what CNMV said to Iniesta.
Recently, cryptocurrency platforms have been conducting aggressive campaigns to attract new investors. Despite the presence of established media, cyber fraudsters have also been eager to take advantage of the interests of ordinary users. Overall, the cryptocurrency market has become cloudy for various reasons. Reality TV star Kim Kardashian and former boxing champion Floyd Mayweather are at risk of lawsuits recently in such a questionable campaign.
