Spain has announced new rules for how social media influencers and others can advertise cryptocurrency assets.
Starting next month, the Spanish National Securities Market Commission (CNMV) will require people and companies to notify it at least 10 days before running campaigns for crypto assets.
The new rules apply to influencers with more than 100,000 subscribers who are paid to promote cryptocurrency.
The CNMV has previously used social media to throw cold water on crypto hype, warning that “cryptoassets, being unregulated products, carry some significant risks,” the agency said in a tweet from professional soccer player Andrés Iniesta after he enthusiastically promoted the cryptocurrency exchange Binance.
The agency’s new rules won’t stop influencers from telling their followers about cryptocurrency, but they’ll let the agency keep closer tabs on what exactly is being offered and make sure audiences are aware of what they’re selling.
Earlier this month, a proposed lawsuit was filed against Floyd Mayweather and others over the use of the cryptocurrency.