Each of the two countries has proposed its regulations for crypto-related ads.
Things have been moving again in the blockchain world recently, as not one but two governments have issued new legislation governing cryptocurrency marketing monitoring at the same time.
The Spanish government has been watching the issue for a year and decided yesterday. The National Securities Market Commission (CNMV), according to the local daily La Información, is about to begin vetting cryptocurrency advertising before they are issued.
Furthermore, following the passage of the new legislation, the ads must adhere to the same strict rules as other financial advertisements, including being “accurate, sufficient, and updated in a manner appropriate to its nature and complexity, as well as the characteristics of the media used,” while “larger ads” must be approved by the European Commission.
While the Spanish law does not appear particularly harsh, things are not looking so well on the other side of the globe in Singapore. The Monetary Authority of Singapore (MAS) issued a press statement outlining its plans to “discourage cryptocurrency trading by the general public” by restricting cryptocurrency advertising to a restricted number of internet platforms.
Cryptocurrency advertisements will henceforth be limited to legitimate firm websites, mobile applications, and official social media accounts in Singapore. In addition, billboards and television commercials will no longer be allowed.
While Singapore’s stance on cryptocurrency stems from its volatility, the nation is open to promoting blockchain technology due to the creative solutions it offers.
These recent events may not appear favorable, but they are sending a message to the rest of the globe that nations are no longer unaware of cryptocurrencies. Rather, they are attempting to take a position on the issue that, while not always positive, clarifies the legal landscape.