As part of regulations that are set to become effective in mid-February, crypto-asset investment promoters will be required to inform the Spanish securities watchdog of the contents of any ad that targets over 100,000 people.The Spanish government has tasked the country’s securities watchdog with authorizing advertisements that promote cryptocurrencies, a report has said.
Meanwhile, the report stated that influencers with more than 100,000 followers will similarly be required to inform the watchdog of any crypto-related investments they intend to promote. This particular requirement further compels influencers to inform their followers of the risks that are associated with the investments they promote.
In scolding the footballer, the CNMV said Iniesta needed to gather enough information about cryptocurrencies before making any investment or recommending this to his 25 million followers on Twitter and 38 million on Instagram. In the meantime, the CNMV’s decision to target influencers that are being paid to promote crypto-asset investments followsthat U.S. reality television star, Kim Kardashian, and boxing legend Floyd Mayweather Jr., are being sued for their role in promoting Ethereummax and the EMAX cryptocurrency token.
In this lawsuit, the plaintiff accuses both Kardashian — who reportedly routinely gets paid for promotional posts — and Mayweather of helping to create sufficient trading volumes allowing Ethereummax token creators to dump EMAX tokens on unsuspecting investors.
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