The National Securities Market Commission, known as CNMV, has indicated that it will closely monitor how crypto assets are promoted at sports events that aim to fund clubs and other organizations. This step is part of a broader effort to keep sponsorships and endorsements in check to protect fans from risky financial schemes tied to digital assets. The announcement comes as the regulator prepares to scrutinize marketing practices that may influence supporters and followers who attend or follow these events [CNMV].
During testimony before the Economic Affairs and Digital Transformation Committee of Parliament, CNMV leadership outlined forthcoming regulation intended to prevent crypto advertisements from endangering the savings of ordinary people. The message was clear: advertising campaigns and partnerships linked to crypto products must undergo tighter oversight to ensure they do not mislead consumers or push speculative investments on unwary audiences [CNMV].
In the same period, the Royal Spanish Football Federation, or RFEF, postponed a match and signaled discussions with a cryptocurrency trading company as part of a staged deal. This pause underscores the need for clarity on the legal status of cryptocurrency partnerships in Spain, where regulators are actively evaluating how such arrangements fit within existing financial rules and consumer protection measures [CNMV].
CNMV’s cautions followed reminders issued in August of the previous year that Huobi, a well-known crypto exchange, had not been authorized to offer streaming services or to facilitate investment within Spain. The situation has been described by observers as a financial beach bar scenario, where complex products are marketed aggressively in a tourist-friendly environment and can lure investors away from safer channels [CNMV].
In his remarks, the CNMV chief highlighted the commission’s role in policing online spaces where most fraudulent activity in this sector is concentrated. The regulator has already begun implementing an action plan against financial fraud, signed in April, to provide clearer criteria for enforcement. The plan targets the recruitment campaigns that attract customers with promises of quick profits through crypto assets and other high-risk products. This approach aims to curb the spread of misleading information from what some call the new opinion leaders who influence online audiences [CNMV].
As part of its ongoing efforts, the CNMV is examining attempts to prohibit the marketing of certain derivatives that settle by differences, commonly known as CFDs, for retail investors. Such prohibitions have been implemented in other European countries, including Belgium and France, and Spain is considering similar measures to protect households from the risks of leverage and price swings that can erode savings. The goal is to align consumer protection with market integrity while maintaining orderly access to legitimate financial products [CNMV].
The regulator, in its analysis, estimates that a large share of customers drawn to these products come from campaigns that tie performance to assets like stocks, cryptocurrencies, or commodities. If returns depend on fluctuating markets, the potential for loss is significant, and many investors may find themselves facing substantial financial damage. This insight underlines the need for stronger screening of marketing claims and more transparent disclosures in promotional materials [CNMV].
Looking ahead, CNMV plans to open a consultation period to hear from asset managers, investors, and the public about how best to mitigate the risks associated with crypto advertising and derivative trading. Spain has already seen tens of thousands of people affected by problematic offerings, and the commission aims to collect feedback to shape practical safeguards. The consultation is expected to consider advertising standards, disclosure requirements, and the responsibilities of intermediaries when marketing crypto products to ordinary consumers [CNMV].
Historical context shows that, in 2021, CNMV took decisive action to close seven organizations that aggressively marketed such assets. Those cases highlighted the aggressive tactics used to attract retail investors, including misleading testimonials and overstated claims of guaranteed returns. The regulator’s current efforts reflect a sustained commitment to protecting the public from the most harmful practices while allowing legitimate, well-regulated investment opportunities to exist in a transparent market [CNMV].