Spain: Opened CNMV investigation into Miolo Desarrollos regarding cryptocurrency advertising

On 31 October 2023, the Spanish Executive Committee of the National Securities Market Commission (CNMV) launched an investigation into Miolo Desarrollos concerning two extensive online advertising campaigns carried out in September and November 2022. In particular, the CNMV is investigating whether these campaigns may have breached the obligation for advertisers to disclose the risks associated with investing in cryptocurrencies and other advertising control measures outlined in Circular 5 of 1/2022 and the Securities Market Law.