The leading financial regulator in Spain, the National Stock Market Commission (CNMV), has hinted at a possible investigation into what it claims are fraudulent online cryptocurrency marketing. Rodrigo Valbuena, the head of CNMV, spoke on November 8 at the Deloitte annual conference on how these advertisements exploit celebrity images and national media identities to deceive investors into giving them money and personal information.
According to Spanish legislation, it is the duty of media outlets, social networks, and internet firms to combat unauthorised entities’ marketing of investments. Indicating that noncompliance with these obligations would result in penalties, Valbuena reassured the audience that the CNMV would strictly apply its oversight and punitive authority in handling such situations.
As part of CNMV’s preparation for expanded responsibilities, plans are in place, including a 15% increase in staff. Recently, the CNMV filed its first lawsuit against Miolos, a software company that was discovered to be in breach of the nation’s regulations governing the advertising of cryptocurrency ads.
Furthermore, even before the deadline for EU member states in July 2026, Spain has stated its desire to enact the Markets in Crypto-Assets Regulation (MiCA), Europe’s first comprehensive crypto framework.