Crypto asset providers that offer their services in Spain received some good news to pave a renewed push to their marketing efforts during 2025.
2025 welcomes the entering into force of the new European Crypto Asset Regulation (so called MiCAR) which regulates both crypto-asset issuers and other providers. See our earlier posts on MICAR here and here. In parallel with such change, the Spanish financial authority (CNMV) published last 27 December 2024 a circular (Circular 1/2024) that repeals Circular 1/2022, which concerns Spanish advertising rules of crypto-assets.
Circular1/1022 was issued at a time when there was no regulatory regime with respect to cryptoassets. MiCAR provides for a harmonized regime for cryptoassets (including marketing and advertising) that, in principle delegates no authority to member states to change.
As a reminder, Circular 1/2022 provided special rules for crypto providers and/or advertising service providers, the most relevant ones being the need to: (i) notify the Spanish Securities Market Commission (CNMV) prior to any mass advertising campaign, (defined as any campaign directed to more than 100.000 persons), for the CNMV’s assessment on compliance of the relevant advertising rules, (ii) include certain mandatory disclaimers and references to risk in advertising pieces, and (iii) maintain specific registrations of marketing campaigns.
As of 28 December 2024, the abovementioned requirements and conditions are completely repealed. Entities will no longer have to comply with those local rules, and thus, should review their relevant disclaimers, keeping in mind the marketing rules under MICAR and any general local consumers rules considerations.
It should be noted that the CNMV will still keep their powers to supervise the compliance of crypto-asset providers with MICAR advertising rules.
