(Bloomberg) -- Spain’s market regulator slapped controls on ad campaigns for crypto-assets by saying they must carry a warning to investors that they risk losing all their money.

Promotional activity for crypto-assets must also make clear they’re not regulated and may not be appropriate for retail investors, the National Securities Market Commission, or CNMV, said in a statement Monday.

Providers of crypto services must inform the regulator of ad campaigns aimed at 100,000 people or more with at least 10 days notice. The rules also apply to promotional activity by influencers.

The rapid adoption of cryptocurrencies in the country is raising the hackles of regulators with both CNMV and the Bank of Spain stepping up their warnings to investors of the associated risks. 

CNMV took to Twitter to rebuke Spanish World Cup soccer star Andres Iniesta in November when he used the platform to say he was using the cryptocurrency exchange Binance.

Ads will have to be “clear, balanced, fair and non-misleading” and to provide a “prominent warning” about the risks associated with crypto, according to the regulator, known as CNMV.

The new rules will take effect on Feb. 17.


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