The new rules are supposed to improve risk disclosures.
Spain has announced new rules for how social media influencers and others can advertise cryptocurrency assets,. Starting next month, the Spanish National Securities Market Commission will require people and companies to notify it at least 10 days before running campaigns for crypto assets. The rules apply to influencers with more than 100,000 subscribers who are paid to promote cryptocurrency — a practice that’s drawn criticism and even lawsuits worldwide.
from professional soccer player Andrés Iniesta after he enthusiastically promoted the cryptocurrency exchange Binance, warning him that “cryptoassets, being unregulated products, carry some significant risks.” Cryptocurrency and social media advertising are both areas with significant regulatory ambiguity, and the combination has sometimes proven troublesome. Earlier this month, aKim Kardashian, boxer Floyd Mayweather, and others for promoting the currency EthereumMax — raising its price dramatically before the asset crashed into near worthlessness.
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