In this article, we analyze the advertising requirements on crypto assets that are presented as investment products in Spain. The legal ruling that regulates this topic is the Circular 1/2022 of the National Securities Market Commission published in the Official State Gazette in January 2022. 17 February 2022 is the date of entry into force of this Circular.
The Circular delimits its objective and subjective scope of application, specifies the advertising activity that must be subject to a prior notification regime and establishes the tools and procedures that will be used to make the supervision of crypto asset advertising activity effective.
The Circular should not be interpreted as a general regulation of crypto assets. In fact, it does not contain any rules on crypto asset products themselves, nor on their providers or their characteristics, rather it only regulates the requirements to be met by advertising activity aimed at offering crypto assets as a possible investment product.