CNMV President, Rodrigo Buenaventura, said that the CNMV are looking at regulating ads promoting bitcoin as soon as possible
In a conference hosted by El Espanol called “Observatory of Finance”, the president of the National Securities Market Commission (CNMV), Rodrigo Buenaventura, expressed his stance on ads as he considers them to be risky.
There is concern among Spanish financial authorities as a number of bitcoin advertisements have emerged across a number of streets in Madrid.
Buenaventura has called for regulation on all cypto-related advertisments, rather than just focusing on bitcoin.
The sudden urgency to regulate crypto advertisements is not yet known as even Buenaventura did not disclose why there is a call to regulate these ads.
However, the notion to control these street advertisements come after Bit2me, a Spanish crypto exchange, launched a campaign promoting Bitcoin throughout Madrid.
The campaign included over 800 posters in the Spanish capital. Buenaventura, during the conference, explained how the regulation’s approval will be dealt with:
“We will conduct a broad public consultation, consult our advisory committee, and submit it to the Council of State before approval. It is also necessary to emphasise that what is controlled by the CNMV are not the assets (cryptocurrencies) or the providers or the operations, but only the advertising when they are offered as an investment alternative.”
The CNMV has been very vocal with their views on cryptocurrency. The financial watchdog is concerned about the risks that come with cryptocurrencies such as it’s “increased speculative nature.”
Buenaventura has confirmed that the CNMV should and will follow the regulations during the whole process so that no other legitimate businesses will be harmed with the newly proposed restriction.
In early February, the CNMV also released a joint press statement with the Banco de Espana outlining cryptocurrencies as high risk investments due to “extreme volatiliy, complexity and lack of transparency.”
The financial authority is looking to stop advertisements that promote cryptocurrencies as an investment alternative. These claims by the Spanish financial authority come at a time when major investment banks and firms such as Morgan Stanley and Goldman Sachs have embraced bitcoin and cryptocurrencies.
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