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Spanish Watchdog Initiates Sanctions Against Miolos for Violating Crypto Ad Rules

Spain’s National Securities Market Commission (CNMV) has initiated its inaugural cryptocurrency violation case against the domestic technology provider, Miolos. The CNMV, responsible for overseeing the Spanish securities markets, issued a statement on Wednesday disclosing the commencement of “sanctions proceedings” against Miolos for non-compliance in the crypto sector. The agency’s executive committee unanimously decided on these sanctions during a session convened on October 31, 2023. The regulatory body alleges that Miolos breached cryptocurrency promotion regulations through two extensive advertising campaigns conducted between September and November 2022.

The technology provider, Miolos, allegedly promoted crypto assets as investment instruments without including necessary information and warnings regarding the associated risks of cryptoassets. The National Securities Market Commission (CNMV) contends that Miolos failed to adhere to administrative control measures for cryptocurrency advertising, neglecting to submit required prior communications.

The stock market supervisor in Spain clarified that the statement does not preconceive the final outcome of the investigation. Rodrigo Buenaventura, the head of the supervisor, emphasized during a financial meeting on Wednesday that this case should serve as a reminder to crypto businesses in the country to adhere to the regulations outlined in the new framework.

“This marks the initiation of the first sanctions proceeding for non-compliance with the circular governing the advertising of cryptoassets.”

Spain’s Crypto Ad Rules

On January 17, 2022, the Spanish Official State Gazette (BOE) released the new Circular of the National Securities Market Commission (CNMV) regarding the advertising of crypto-assets as investments. This circular outlines the entities and assets falling within its purview, enabling the CNMV to monitor the promotion of specific types of crypto-assets that were previously considered unregulated.

The CNMV has also confirmed an ongoing investigation into whether the social media platform X, formerly known as Twitter, violated regulations governing crypto advertising.

“We have recently identified advertisements on X from a non-authorized financial company,” stated Rodrigo Buenaventura, the head of the CNMV.

The regulator emphasizes that businesses engaged in promoting crypto-assets are required to notify the CNMV in advance regarding the content of their campaigns. Advertisers have a 10-day window to inform the CNMV about adverts targeting an audience exceeding 100,000 individuals.

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