Spanish National Stock Market Commission Dismantles Promotion Of Fake Crypto Assets On Social Media

JAKARTA - The National Stock Market Commission (CNMV), Spain's main financial market regulator, highlighted the promotion of fake crypto assets on X (formerly Twitter) and repeated the company's obligation to comply with local law.

On November 8, in a speech at Deloitte's annual conference for Spain's financial sector in Madrid, head of CNMV, Rodrigo Valbuena, revealed that the ad in question "used illegally images of several Spanish actors and designs as well as national media identities to try to get data and money from investors."

Valbuena reminded that Spanish laws put "internet companies, media and social networks" in charge of taking steps against investment promotions by unlicensed entities and suggesting sanctions for non-compliance. He also promised that the agency would seriously handle the case.

"I can guarantee to you that we will execute carefully all our capacity, the power of supervision and the power of our supervision and sanctions in cases like this," Valbuena said.

Regulators also warn that CNMV is "preparing for new tasks" and will soon strengthen its human resources by increasing its staff by 15%.

On November 8, CNMV opened its first case against technology providers for violating crypto promotional rules in the country. They started a "procedure of sanctions" against Miolos for two "massive" advertising campaigns in September and November 2022. The company allegedly did not include a risk warning or file a campaign for CNMV approval.

Spain has expressed its intention to implement the first comprehensive European Union crypto framework, namely the Market Regulation in Crypto Assets (MiCA), even before the July 2026 deadline for EU member countries to provide legal certainty and investor protection.