May 19, 2022

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Consultation period for the publication on the announcement of crypto-assets by EFE has ended

© Reuters. The consultation period for the publication on the announcement of crypto assets is ending

Madrid, August 31 (.). – Those interested in regulating crypto-asset advertising to date are required to submit their proposals to the National Securities Market Committee (CNMV), since the period of public consultation for the supervisor’s proposed circular.

The periodic proposal, consisting of seven rules, a final provision and two appendices, states that advertising crypto assets must be “clear” and “not misleading,” it will have to use “simple” language, it will not be able to omit relevant information and it must provide Updated data.

The CNMV project, which includes the principles and criteria that ads in cryptocurrency must meet, does not require prior communication with the moderator, except in the case of massive campaigns.

The supervisor may request that the commercial communication be corrected or withdrawn if it does not comply with the provisions.

According to Annex I, which develops general principles and standards, advertising for these assets must be “clear, balanced, impartial and not misleading.”

To achieve this, you should use “simple and easy to understand language” and “Omission of relevant information or inclusion of vague, biased, incomplete or contradictory information will be avoided.”

Commercial communications and advertisements providing information on the cost or profitability of crypto assets must contain accurate, clear and current information.

Regulation 5 states that advertising campaigns must comply with the principles and standards of Annex I and that all commercial communications must include information on product risks.

According to Rule 6, advertising activity aimed at investors residing in Spain “will not require prior notification to the CNMV, except in the case of massive advertising campaigns.”

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However, some subjects may be required to provide prior communication “when this is considered due to the impact it may have on the target audience”.

In addition, the CNMV may require the correction of an advertising campaign or piece of advertising and even the discontinuation of such advertising.

The circular will enter into force three months after the regulation is published in the State Gazette (BOE).

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