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Spain Moves To Rein in Crypto-asset Advertising (reuters.com) 17

Spain moved on Monday to regulate rampant advertising of crypto assets, including by social media influencers, tasking the stock market supervisor with authorising mass campaigns and making sure investors are aware of risks. From a report: The rapid growth of cryptocurrencies and digital assets pegged to traditional currencies has drawn attention from regulators worldwide, who fear they could put the financial system at risk if not monitored. The Spanish government said in its official bulletin 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. The new regulations will start from mid-February and allow the CNMV to specifically monitor advertising for all types of crypto assets and to include warnings about risks involved in such investment.
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Spain Moves To Rein in Crypto-asset Advertising

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  • "risks" (Score:5, Funny)

    by fahrbot-bot ( 874524 ) on Monday January 17, 2022 @10:40AM (#62180803)

    ... crypto assets ... making sure investors are aware of risks.

    The way things have been going, there's a slight risk you won't get ripped off. :-)

  • Time to dump!

  • by Tim the Gecko ( 745081 ) on Monday January 17, 2022 @10:47AM (#62180833)

    The Guardian [theguardian.com] reports that TfL services displayed 39,560 crypto adverts from 13 firms in the six months between April and September 2021. "A TfL spokesperson said all adverts contained a disclaimer stating that crypto is unregulated in the UK and that the value of investments could fall."

    Kudos to the editors for spelling "rein" correctly, but they did miss the chance to add the phrase "planet-incinerating Ponzi grifters" somewhere in the summary.

    • TfL is "Transport for London", who run the buses and tube trains.
    • ... but they did miss the chance to add the phrase "planet-incinerating Ponzi grifters" somewhere in the summary.

      That phrase is not nearly as clever as you think it is.

      • Re: (Score:1, Interesting)

        by Anonymous Coward

        ... but they did miss the chance to add the phrase "planet-incinerating Ponzi grifters" somewhere in the summary.

        That phrase is not nearly as clever as you think it is.

        That would be more convincing if YOU could come up with a phrase descriptive of crypto-bros that doesn't contain any expletives.

  • Banking cartels: "don't steal business from us!"

    Frankly I don't see why they are worried. They can keep printing more and more currency to compensate for their lack of customers.

    • by splutty ( 43475 )

      Congratulations, you just won the "Utterly missing the point" award.

    • Banking cartels: "don't steal business from us!"

      That word does not mean what you think it means.

      Banks are heavily regulated for a reason. People's money is at stake. Banks are required to post loan rates, deposit interest, and so on. Deposits are even insured (up to a point) in case something happens to the bank so people can get their money out.

      Unlike what happens in the crypto arena.

      • In crypto you indeed expect to lose everything, with bank you expect to not lose your money. Then I remember 2008, I remember we have to pay to keep banks alive all around the world.
  • Bitcoin (specifically) costs mutliple orders of magnitude more in energy usage to do a transaction than does anything the banking system has come up with. Trying to say otherwise is intellectually dishonest [9cache.com].

    • You continue to say this and it continues to be untrue. Bitcoin's energy usage is not related to transactions. The graphic implies that if the number of Bitcoin transactions increases, that energy usage will too, and this is false.

      I could publish a block with zero transactions and it would require the same amount of energy as if it had 1500. Overall, transactions are quite cheap: a transaction on Bitcoin costs about the same as a $200 Visa transaction.

  • Enough fools have parted with enough money - laughing at them isn't funny any more.

    TIme to stop advertising the NFT con, Slushdot.

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