The National Securities Market Commission (CNMV) of Spain has initiated sanctioning proceedings against Miolos S.L, marking the first case of violating crypto promotion rules in the country. The action stems from two "massive" advertisement campaigns run by Miolos in September and November 2022, raising concerns over non-compliance with cryptocurrency regulations.
Miolos Faces Allegations of Non-Compliance
According to a press release issued on November 8, CNMV has accused Miolos of non-compliance with cryptocurrency regulations stipulated in the CNMV circular released in January 2022. The allegations include omitting mandatory risk warnings in promotional materials and not seeking CNMV's approval for marketing campaigns, violating the requirement to submit promotions for review ten days prior to release.
The regulation mandates companies to provide promotional materials for review at least ten days before publication. The initiation of sanctioning proceedings serves as a public reminder about the critical importance of adhering to these regulations. Miolos retains the right to contest the allegations, as highlighted by the Spanish regulator.
In related developments, Finance Magnates reported that the Spanish Ministry of Economy and Digital Transformation intends to implement the European Union's Markets in Crypto-Assets (MiCA) Act nationally by December 2025. This follows discussions between Spain's first Vice President, Nadia Calviño, and the President of the European Securities and Market Authority, Verena Ross.
The Spanish government expressed its commitment to fast-track the adoption of MiCA. Despite the EU's general deadline for MiCA implementation by July 2026, Spain aims to reduce the transitional period to 18 months, emphasizing the goal of providing legal protection for Spanish investors in the cryptocurrency space.
Spanish Regulatory Strategy: Lessons from UK's Crypto Regulatory Journey
Spain may draw lessons from the experience of the United Kingdom. In the UK, regulators' pursuit of crypto promotion rule violations has led to challenges for businesses to comply, resulting in the departure of international players from the market.
The Financial Conduct Authority had to extend technical deadlines for compliance to 2024 and issue finalized non-handbook guidance to clarify compliance requirements.
