Regulatory Alerts2024-12-27
Circular 1/2024 of the National Securities Market Commission Repealing Circular 1/2022 on Advertising of Cryptoassets Presented as Investment Objects
The Spanish National Securities Market Commission (CNMV) issued Circular 1/2024 to formally repeal its previous Circular 1/2022, which had established national regulations for advertising cryptoassets. This repeal is necessitated by the entry into force of the EU's Markets in Crypto-Assets (MICA) Regulation, which establishes a comprehensive and exclusive European framework for cryptoasset issuance and services. Consequently, the CNMV's prior national competence to regulate advertising in this area is no longer applicable as EU law preempts national legislation in this domain.
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