The National Securities Market Commission (CNMV) of Spain has taken action against local technology provider Miolos in the form of a crypto infringement case. The CNMV, which serves as the regulatory body for Spanish securities markets, recently announced “sanctions proceedings” against Miolos for non-compliance in the crypto space.
Miolos Violates Crypto Promotion Rules
According to the CNMV, Miolos violated crypto promotion rules through two “massive” ad campaigns conducted between September and November 2022. The technology provider advertised crypto assets as investment opportunities without including proper information and warnings about the risks associated with these assets.
The CNMV highlighted that Miolos failed to follow administrative control measures for cryptocurrency advertising by neglecting to provide prior communication. It’s important to note that the statement from the CNMV does not imply a definitive outcome of the investigation, but rather serves as a notice to crypto businesses in Spain to adhere to the regulations.
New Regulations and Regulatory Oversight
The Spanish Official State Gazette (BOE) published a circular on January 17, 2022, which outlines the new regulations for advertising crypto-assets as investments. This circular defines the entities and assets that fall under the CNMV’s supervision. The CNMV can now monitor the advertising of specific types of crypto-assets that are currently considered unregulated products.
In addition to the case against Miolos, the CNMV has also initiated an investigation into social media platform X (formerly Twitter) for potential violations of crypto advertising rules. Rodrigo Buenaventura, head of the CNMV, stated that they have observed ads on X from a non-authorized financial company. The CNMV requires businesses marketing cryptoassets to inform them in advance about the content of their campaigns, especially those targeting over 100,000 individuals.
