Spain's National Securities Market Commission imposes restrictions on cryptocurrency promotions

On January 17, Spain’s National Securities Market Commission was given the power to regulate crypto advertising in order to impose restrictions on the promotion of cryptocurrency-related people. The specific rules are: Influencers or channels with more than 100,000 followers in Spain must notify the regulator at least 10 days in advance of the content of their encrypted advertisements. Fines for non-compliance can be as high as EUR 300,000. The Spanish regulator’s new powers came after a November Twitter clash with Spanish football legend Andrés Iniesta over paid promotions by Binance, the world’s largest cryptocurrency exchange. At the time, the committee told the World Cup winner that it was his responsibility to inform followers of the risks of cryptocurrencies.