Spain to Impose Restrictions on Crypto Promotions: Report

Spain to Impose Restrictions on Crypto Promotions: Report
Spain is placing restrictions on so-called influencers’ promotion of cryptocurrencies in an apparent first for the European Union (EU), according the Financial Times (FT). The country’s markets regulator, the National Securities Market Commission (CNMV), now has the power to regulate crypto ads.Starting in a month’s time, influencers and their sponsors will be required to notify authorities in advance of posts promoting crypto. They will also have to warn of its risks, the FT reported Monday. Failure to do so will result in fines.Rodrigo Buenaventura, the head of CNMV, described influencers as “a backdoor to avoid regulation,” because they are not…