The National Stock Market Commission (CNMV), Spain’s leading securities market regulator, has signaled its intent to investigate fraudulent crypto asset promotions on X (formerly Twitter). During a speech at the annual Deloitte conference for the Spanish financial sector in Madrid, CNMV head Rodrigo Valbuena raised concerns about these promotions.
Unlawful Use of Image and Identity
Valbuena revealed that the ads in question “make illegal use of the image of some Spanish actors and the design and identity of a national media to try to obtain data and money from investors.” This alarming revelation underscores the need for stringent measures against such activities.
The CNMV head reiterated the obligation of companies to comply with local laws. He further emphasized that Spanish legislation holds “internet companies, media, and social networks” responsible for taking measures against investment promotions by unlicensed entities. Noncompliance may result in sanctions, as per the regulatory framework.
Agency’s Serious Commitment
Addressing the seriousness of the situation, Valbuena assured the audience that the CNMV would diligently exercise its capacities, supervisory powers, and sanctioning powers in these cases. The agency is committed to addressing the issue and ensuring a robust response to safeguard investors.
In response to the evolving landscape, the CNMV is gearing up for new challenges. The regulator announced plans to strengthen its human resources by increasing its staff by 15%. This move is aimed at enhancing the agency’s capabilities to tackle emerging issues in the crypto space effectively.
Highlighting its proactive stance, the CNMV has already opened its first case against a technology provider. Miolos is facing “sanctioning proceedings” for two “massive” advertisement campaigns in September and November 2022. The company allegedly violated crypto promotion rules by failing to include risk warnings and seeking the CNMV’s authorization.
Spain’s Early Adoption of EU Crypto Framework
Notably, Spain is set to implement the first comprehensive European Union crypto framework, the Markets in Crypto-Assets Regulation (MiCA). The country aims to adopt this framework even before the July 2026 deadline for EU member states. This further demonstrates a proactive approach to providing legal certainty and investor protection.