Spanish financial authorities do not seem to be happy with the massive advertising campaigns for cryptocurrencies on the streets of Madrid. The National Securities Market Commission (CNMV) is rushing to approve regulations for these ads promoting bitcoin in Spain.
The offer is the result of a bitcoin advertising campaign by a localexchange.
In a speech at the Financial Observatory conference organised by El Español, Rodrigo Buenaventura, president of the CNMV, commented on these announcements, describing them as risky. He was referring to all ads for crypto currency, not just those for bitcoin (BTC).
Although he did not specifically mention the reasons for this sudden interest in regulating crypto currency ads on the streets, it came shortly after local crypto currency exchange Bit2me launched a massive campaign to promote bitcoin in Madrid.
The company has placed more than 800 billboards in the Spanish capital, some of which are in close proximity to the CNMV’s headquarters. Mr. Buenaventura mentioned how the rulemaking would proceed:
We will consult widely with the public, we will consult with our advisory committee, and we will take it to the state board before it is approved. It should also be noted that it is not the assets (cryptocurrencies), the providers or the transactions that are under the control of the CNMV, but only the advertising when offered as an investment alternative.
CNMV’s position against cryptography remains unchanged
However, the CNMV president said the financial regulator must adhere to this process to ensure that legitimate businesses are not harmed by the proposed rule.
But the Spanish financial regulator’s rhetoric against cryptocurrencies, particularly bitcoin, has been well documented in the press. The CNMV has issued several warnings about the high risks posed by crypto currencies due to their highly speculative nature.
In early February, the CNMV issued an opinion on regulating bitcoin-related advertising, citing the increasing volatility of cryptocurrencies. The regulator said it helped companies run these aggressive campaigns to attract investors even as Bit2me rolled out its billboards.
What do you think about these upcoming regulations on street advertising with cryptocurrency in Spain? Let us know your comments in the section below.
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