The Government will establish the necessary mechanisms so that the National Securities Market Commission (CNMV) can regulate the advertising of crypto assets or other assets or instruments presented as investment assets. In this way, the Executive expands the supervisor’s capacity in terms of monitoring the advertising campaigns of financial products, a capacity that it has already had since February and that is now being extended to cryptocurrencies, which are not yet regulated.
The Government has taken advantage of the royal decree law of extraordinary measures to support business solvency approved this Friday to include the new power of the CNMV.
The vice president of the CNMV, Montserrat Martínez Parera, influenced this week in the closure of a conference on fintech on the lack of regulation of these assets. “As long as we do not have a clear framework, we must always ask ourselves if we have enough information, if we understand the product and the risks that are assumed with the operation”, stressed Martínez Parera.
About a month ago, the supervisor issued a joint statement with the Bank of Spain warning about the risk of cryptocurrencies as an investment, since the revaluation they have experienced in recent months reflects “patterns typical of bubbles”.
Bitcoin, the best-known cryptocurrency, went from trading at $ 4,000 (3,352 euros) in March 2020 to skyrocket and touch the 56,000 (46,938 euros) in which it is currently listed, although it has reached 58,000 (48,614 euros). Other cryptocurrencies, such as ethereum and ripple, have also seen similar returns, but with much more modest numbers.
The phenomenon that has attracted the most attention in recent months has been the rise of another, much smaller cryptocurrency: dogecoin, which went from trading at $ 0.007 at the beginning of the year to $ 0.05 at which it is currently sold. although it reached 0.08 in February.
Likewise, the CNMV and the Bank of Spain specified that these assets move in a space that has not yet been regulated – although the European Union (EU) is working on it – and made it clear that “it is not mandatory to accept them as a means of payment of debts or other obligations ”.