© Reuters CNMV and Bank of Spain support European authorities in cryptoactive risk
Madrid, March 17 (.).- The CNMV, the Bank of Spain and the General Directorate of Insurance and Pension Funds have shown their agreement with the warning made this Thursday by the European authorities for the supervision of the financial system about the risks that crypto assets pose for consumers in the EU.
The European financial supervisory authorities issued a warning to consumers on Thursday about the high risks of investing in cryptocurrencies, which are also not usually covered by the protection mechanisms of other assets.
In a statement, the banking supervisor (EBA), the insurance supervisor (EIOPA), the stock market supervisor (ESMA) and the Joint Committee of European Supervisory Authorities justify this notice due to the growing activity and interest aroused by cryptoactives, but also before visible “aggressive promotion” even in the media.
The CNMV, the Bank of Spain and the General Directorate of Insurance and Pension Funds endorse the content of this warning and share the assessment of the risks identified in it, which are in line with the risks already indicated in the communications made. in 2018 and 20211.
The , the most widely used cryptocurrency, is up 1.12% at this time and stands at $40,726.
In the last year, both the CNMV and the Bank of Spain have carried out two initiatives in this area.
On the one hand, a circular was approved on advertising related to investment in crypto assets, which aims to ensure that advertising campaigns in this area are carried out following certain guidelines in their content and format, and that they include sufficient information on the risks of potential investment.
Likewise, the Bank of Spain put into operation a registry in which those who offer certain services in Spain (exchange of cryptocurrencies for legal tender and custodians of digital wallets) must register, who must have adequate measures and procedures in terms of prevention money laundering and financing of terrorism.
In the statement from the Bank of Spain, the CNMV and the DG of Insurance it is recalled that these legal developments only cover a very limited part of the activity on crypto assets, so “they are insufficient to adequately contain the risks” that are indicated by the European authorities.
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