CNMV will monitor the promotion of cryptocurrencies at sporting events

head National Exchange Commission (CNMV), Rodrigo Buenaventura suggested that this Tuesday, the organization will monitor the promotion of crypto assets at sporting events designed to fund clubs or organizations.

Buenaventura, in his speech to the Congress’ Economic Affairs and Digital Transformation Commission, New regulation to prevent advertisements of crypto assets from jeopardizing the savings of their fans and followers.

A statement after the Royal Spanish Football Federation (RFEF) postponed the match. Presentation of a deal with cryptocurrency trading company Huobi Until we clarify the legal status of the firm in Spain.

The RFEF’s decision comes after reminders that the CNMV warned in August last year.e Huobi was not authorized to offer streaming services. investment in spain, what is commonly known as a “financial beach bar”.

As Buenaventura announced this Tuesday, the CNMV is helping companies in the internet and social networks space where most of their fraudulent activity is channeled, Criteria for Action Plan Against Financial Fraud, It was signed last April.

It was also noted to be associated with customer acquisition campaigns where complex financial products (mainly raw materials and crypto assets) are offered. “the so-called new opinion leaders”.

On the other hand, Buenaventura, CNMV’s Attempts to prohibit the marketing of derivatives in Spain that can be settled by differences (CFDs) to retail investors by national or community organizations, as has been done in other countries such as Belgium or France.

As detailed in his talk, CNMV estimates: About 80% of customers captured by companies marketing these productsIf their performance is linked to stocks, cryptocurrencies or commodities, you will lose your invested money.

CNMV will open a consultation period to listen to assets and investors determining how to mitigate this problem in Spain, which has affected tens of thousands of Spaniards as you mentioned.

in 2021 CNMV has managed to shut down seven organizations that aggressively market such assets.

Source: Informacion

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