Spain became the first EU country to restrict cryptocurrency advertising – fines up to €300,000

The Spanish authorities have decided to introduce restrictions on cryptocurrency advertising in the country. This is the first such case in the European Union.

The Spanish National Commission for the Stock Market is empowered to regulate advertising. The decision comes amid government concerns that promoting digital coin trading could harm inexperienced traders who are not fully versed in the technology and are unaware of all the possible risks.

Now bloggers with an audience of more than 100,000 subscribers and advertisers must notify the authorities about their plans to advertise cryptocurrency at least 10 days before the announcement / video is published. In addition, bloggers will have to report on all rewards received for promoting digital currency.

The list of innovations does not end there. Authorities will require bloggers to post "clear, neutral, balanced and honest" messages about the risks of trading cryptocurrencies. In particular, about the possibility of losing all investments. Violations of the rules are subject to fines of up to €300,000.

It should be noted that in the fall of last year, the National Commission for the Stock Market of Spain commented a tweet by football player Andres Iniesta, who promoted the Binance cryptocurrency exchange. A message was left from the regulator's account warning that crypto assets, as unregulated products, carry significant risks.

Source: Boy