Spain's principal securities market regulator, the National Stock Market Commission (CNMV), has strongly denounced fraudulent promotions of crypto assets on X (previously known as Twitter) and reiterated the platform's obligation to adhere to local laws.
During a speech at the annual Deloitte Conference of the Spanish financial industry in Madrid on November 8, CNMV head Rodrigo Valbuena disclosed that the advertisements in question "illegitimately used the likeness of certain Spanish actors along with the design and identity," aiming to deceive investors and extract both data and money.
Valbuena emphasized that Spanish laws mandate "internet companies, media, and social networks" to take decisive action against promotions by unverified entities. He highlighted the possibility of sanctions for companies failing to comply with these regulations, stressing the CNMV's serious approach to such cases: "I can assure you that in these instances, we will utilize our complete capabilities, supervisory authority, and enforcement powers with utmost care."
Furthermore, the regulator alerted that the CNMV is gearing up for new responsibilities by bolstering its human resources, intending to increase staffing levels by 15%. Notably, the CNMV initiated a case on November 8 against a technology provider for violating the nation's rules on cryptocurrency promotions. This move stems from the provider's alleged involvement in two "significant" advertising campaigns in September and November 2022, led by Miolos. The company purportedly omitted risk warnings and neglected to seek authorization from the CNMV for these activities, prompting sanctions proceedings.
Spain has expressed its commitment to implementing the initial comprehensive EU crypto framework, known as Market Regulation in Crypto-Assets (MiCA), even before the July 2026 deadline set for EU member states to establish legal clarity and safeguard investor interests.
