Crypto-assets have a growing presence inthe financial system entailing challenges in the area of investor protection,in the absence of a complete regulation in this regard that adequately respondsto the risks associated with these assets.

Spanish Royal Decree-Law 5/2021, of 12March, on extraordinary measures to support business solvency in response tothe COVID-19 pandemic, incorporated a new Article 240 bis into the SpanishSecurities Market Act (SMA) to reinforce the legal framework protectingcitizens and investors with regard to the advertising of new financial assetsand instruments in the digital sphere. In particular, the CNMV is grantedpowers in order to subject crypto-asset advertising to administrative control.Furthermore, it is authorised to define by means of a Circular the objectiveand subjective scope, as well as the control procedures and mechanismsapplicable to such advertising activities.

By means of this authorisation, the CNMVhas prepared this Circular to develop the standards, principles and rules towhich the promotional activity related to cryto-assets must be subjected, andin particular, to define the objective and subjective scope, to specify theadvertising activity that must be subjected to a pre-communication regime andto establish the tools and procedures to be used to supervise the promotionalactivity of crypto-assets.

Circular 1/2022 on crypto-asset advertising

Circular 1/2022, of 10 January 2022, of the Spanish National Securities Market Commission, on crypto-asset advertising.



You may contact the CNMV to resolve any queries on aspects related to Circular 1/2022 on crypto-asset advertising at the following email address: