According to the Spanish National Securities Market Commission (CNMV), roughly 6.8% of Spanish citizens have invested in crypto at some point in their life. The main reason was the hope of profit and trust in the underlying technology.
Earlier this year, a mandate was passed regarding the crypto ad warnings. The CNMV’s study followed the regulation of crypto advertisements in January due to concerns of popular influencers attracting people to make risky investments. One of such figures was Andrés Iniesta, an FC Barcelona soccer star, who tweeted in November last year:
Estoy aprendiendo cómo empezar con las criptomonedas con @BinanceES #BinanceForAll
— Andrés Iniesta (@andresiniesta8) November 24, 2021
I’m learning how to get started with crypto with @binance #BinanceForAll pic.twitter.com/3Km58KrnPG
The CNMV did not leave the tweet unnoticed and replied to the celebrity’s tweet with: “Crypto assets, being unregulated products, carry some significant risks.”
Later in the research made this year by CNMV, nine out of ten interviewed told to have seen information regarding the risks of crypto investing. Yet even after such results, the regulating body CNMV still worries about the awareness regarding the crypto sector.
Although the EU has already developed a new regulatory agreement “Market in Crypto Assets” (MiCA), it will take a longer time to accomplish the full effect of the regulations. Meanwhile, in Spain, a study had been carried out involving 1,500 individuals in Spain dating back from May to June. The research by survey company Análisis e Investigación stated that:
“Despite this, it is striking that 40% consider that cryptocurrencies are regulated by law and that 29% consider that they have the same risks as other investments.”
At last, over 50% of the Spanish population believes that the cautions of risks on crypto investments are clear enough to read and understand.
