Regulatory Alerts2022-01-17
Circular 1/2022 of the National Securities Market Commission on Advertising of Cryptoassets Presented as Investment Objects
The Spanish National Securities Market Commission (CNMV) issued Circular 1/2022 to regulate the advertising of cryptoassets presented as investment objects, establishing strict content, format, and supervision requirements to protect retail investors. The regulation mandates that all promotional communications must include specific risk warnings and links to detailed risk information, while defining clear exclusions for non-investment assets and professional documentation. It further imposes a prior notification regime for mass advertising campaigns and grants the CNMV supervisory powers to request information, demand cessation, or require rectification of non-compliant advertisements.
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