Barcelona Star Tweet Cause For Spanish Crypto Advertising Regulation

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Poor Andres Inièsta. The former Barcelona football star now plays for Vissel Kobe in Japan, but is still highly regarded in Spain, mostly because he scored the match-winning goal in the 2010 Fifa World Cup Final (or because of all the titles he won with Barcelona). The man boasts some 25 million followers on Twitter and almost 40 million on Instagram. You can guess that any of his tweets or posts are highly sought after by advertisers seeking to reach a big public.

It was probably with this in mind that Binance, the world’s biggest crypto platform, paid Iniesta to speak on social media about crypto investing back in the fall of last year.

Estoy aprendiendo cómo empezar con las criptomonedas con @BinanceES #BinanceForAll

I’m learning how to get started with crypto with @binance #BinanceForAll pic.twitter.com/3Km58KrnPG

— Andrés Iniesta (@andresiniesta8) November 24, 2021

The Spanish authorities immediately reacted though, and vowed they would crack down on these unregulated investments.

Spain now became the first major EU State to require influencers and their sponsors to pre-notify authorities of certain posts which could lead to volatile investments and warn of possible risks of crypto. Those who do not obey by the new rules, which come into effect in a month’s time, could face heavy fines.

10 days in advance

The official text of the stock market supervisor (the CNMV) explained:

Advertisers and companies that market crypto assets will have to inform the CNMV watchdog at least 10 days in advance about the content of campaigns targeting more than 100,000 people.

Spain takes aim at crypto influencers with new regulations https://t.co/1aZyACMQ5e

— José Manuel (@josemantlez) January 18, 2022

The news comes one week after a court in New York started proceedings against socialite Kim Kardashian for promoting the failed cryptocurrency EthereumMax.