Spain: Entry into force of CNMV Circular on the advertising of crypto-assets

The revised Circular 1/2022 of the National Securities Market Commission (CNMV) regulating the promotion of crypto-assets presented as investments comes into effect on 17 February 2022, one month after its publication in the Spanish Official State Gazette. The Circular aims to establish the norms, concepts, and criteria that will govern crypto-assets' advertising. It outlines the sorts of businesses and assets that are covered in its scope, as well as the responsibilities assigned to the CNMV, allowing it to monitor and control the advertising of certain forms of crypto-assets that had previously been considered unregulated.