Spain's National Securities Market Commission (CNMV) launched a review of Miolos S.l sanctions procedure, the first case of violation of cryptocurrency promotion rules in the country。The action stemmed from two "massive" advertising campaigns by Miolos in September and November 2022, which raised concerns about non-compliance with cryptocurrency regulations.。

Miolos faces breach charges

It is reported that CNMV accused Miolos of not complying with the cryptocurrency regulations stipulated in the CNMV circular issued in January 2022.。Allegations include omitting mandatory risk warnings in promotional materials and failing to seek CNMV's approval during marketing campaigns, in violation of a requirement to submit promotional materials for review ten days before publication.。

The regulation requires businesses to submit promotional materials for review at least ten days before they are released, and the initiation of the sanctions process is a public reminder of the vital importance of complying with these regulations.。As highlighted by the CNMV, Miolos reserves the right to contest the allegations.。

Spain's Ministry of Economy and Digital Transformation intends to implement the EU's Crypto Asset Market (MiCA) Act nationwide by December 2025.。Earlier, Spain's First Vice President Nadia Calviño held discussions with Verena Ross, chairman of the European Securities and Markets Authority.。

Spanish government expresses commitment to adopt MiCA as soon as possible。Although the EU has set a general deadline of July 2026 for the implementation of MiCA, Spain wants to reduce the transition period to 18 months, emphasizing the goal of providing legal protection for Spanish investors in the cryptocurrency sector.。

Spain draws lessons from UK cryptocurrency regulation

Spain can learn from British experience。In the UK, the regulator's pursuit of violations of cryptocurrency promotion rules has brought challenges to corporate compliance, causing international players to leave the market.。

As a result, the Financial Conduct Authority had to extend the technical period for compliance to 2024 and issue a final non-manual guide to clarify compliance requirements.。