©Reuters. The CNMV opens 20 files for cryptocurrency advertising in a month and a half
Madrid, Apr 5 (.).- The president of the National Securities Market Commission (CNMV), Rodrigo Buenaventura, has advanced this Tuesday that the body has already opened 20 administrative files on possible infractions of the new cryptoactive advertising regulations .
As Buenaventura pointed out at the opening of a conference organized by the Spanish Association of Fintech and Insurtech, the CNMV has reviewed 118 cryptocurrency announcements since its circular came into force in mid-February, but it has clarified that these files are not sanctioning yet .
In his opinion, it is “unjustifiable” that companies that spread advertising through social networks and Internet search engines profit from advertisements from entities that are not authorized to offer investments.
For this reason, it has urged internet companies to “commit to reject the advertisements of entities explicitly warned by public investor protection authorities”, as they have recently done in other countries such as the United Kingdom.
In the event that the sector does not self-regulate, he has warned that the CNMV will fulfill its “responsibility” and will propose to the Government that it consider drawing up a new regulation in Spain to sanction these practices.
Although the president of the CNMV has admitted that the value of crypto assets is immense to “improve, evolve and even replace traditional financial structures”, he has been “extremely skeptical” regarding the value they represent as an investment product.
“I am concerned about its limited capacity to create long-term value, beyond taking advantage of intense periods of volatility” in the markets, he added.
In this sense, he has warned that only a small part of the 10,000 cryptocurrencies that currently exist will be used as a means of payment or as a way to acquire services and products.
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