In Spain, influencers could be fined for advertising cryptocurrencies. The authorities have decided to impose strict rules on crypto advertising on social media. They would require influencers to notify special authorities of advertising posts about cryptocurrencies.
Spain will be the first country in the European Union to adopt such measures in the area of cryptocurrency regulation. Local influencers with over 100,000 followers will not be able to advertise virtual money and related projects without permission. This sector will be regulated by the Spanish National Securities Market Commission (CNMV). According to the new guidelines, any influencer must notify the authorities at least ten days before launching an ad campaign. Failure to comply could cost influencers up to €300,000. They will also be required to reveal whether they are paid to promote cryptocurrency and include clear, fair, unbiased, and non-misleading remarks about the risks of crypto.
Notably, TV star Kim Kardashian and boxer Floyd Mayweather Jr. were sued for allegedly scamming investors in a cryptocurrency called EthereumMax. The complaint alleges "celebrity endorsements artificially increased interest and pricing of the digital tokens while they were available for public trading, causing investors to purchase these losing investments at inflated prices."
