Spanish Regulator Warns of Potential Investigation for Crypto Ads Violations

According to Cointelegraph: The National Stock Market Commission (CNMV), Spain's leading financial regulator, has signaled a potential probe into online cryptocurrency promotions that it alleges are fraudulent. In a speech at the Deloitte annual conference on November 8, the CNMV head, Rodrigo Valbuena, discussed the use of celebrity images and national media identity in these promotions as a method of fraudulently obtaining data and money from investors. Under Spanish law, internet companies, media outlets, and social networks are responsible for counteracting investment promotions by unauthorized entities. Valbuena indicated that failure to comply with these responsibilities could lead to sanctions, assuring listeners that the CNMV would scrupulously wield its supervisory and sanctioning powers in dealing with such cases. Plans are underway as part of CNMV's preparation for new tasks, including a personnel increase by 15%. The CNMV recently initiated its first case against Miolos, a technology provider found to be in violation of the country's crypto ad promotion rules. In addition, Spain has expressed intentions to implement Europe's first comprehensive crypto framework, the Markets in Crypto-Assets Regulation (MiCA), even before the July 2026 deadline for EU member states.