The Spanish Securities Regulatory Authority (CNMV) Put funds into crypto-related companies against the house. The organization’s vice president, Montserrat Martinez Parrera, said lack of control was one of the reasons for the downfall of cryptocurrency exchange FTX, and that anyone who sees cryptocurrencies as an investment would be criticized because of the lack of regulation. I said you have to be very careful. range.
Spanish securities regulator CNMV warns against crypto-related investments
Commented on the recent decline exchanges at the global level. At the inauguration of a public meeting on November 25, the agency’s vice president, Montserrat Martínez Parrera, said one of the things that allowed the development of events involving FTX was the lack of control by some countries. said.
Martinez Parrera also warned investors not to embark on this kind of investment journey, saying that given that the ecosystem still lacks regulation and controls, crypto He said that relevant opportunities should be approached with great caution. She also called on stakeholders to wait for approval of MiCA, a cryptocurrency framework currently being discussed in Europe, to provide more clarity on how cryptocurrency investments will be regulated. rice field.
Investment gamification and advertising
Martinez Parera also criticized the way some platforms advertise financial investment services. And especially in the cryptocurrency industry if they were part of the game.
This process she described:
We use the term gamification, but they are video games It is a more typical technique of , and deep down there is an addiction. A component that promises a constant return in a very short time. We know this is not sustainable and we have seen it in the crypto space.
Martínez Perera’s criticism also grapples with how some of these cryptocurrency platforms promote their services with the help of influencers, who have taken to platforms like Instagram and Twitter. It often brings great benefits to the viewer. She declared:
Several “influencers” teach her how to get rich in less than a minute’s video. is amazing.
This has been the focus of the organization this year, with influencers such as soccer National his player Andres Iniesta being criticized by regulators for promoting cryptocurrency exchanges to fans. I received disciplinary action. CNMV said in January that he passed the Cryptocurrency Promotions Act, which bans influencers with more than 100,000 followers from running crypto-related advertising campaigns without notifying the group 10 days before it starts. was enacted.
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