Things have been moving again recently in the blockchain world, as not one but two countries have simultaneously come up with new regulations that have to do with cryptocurrency advertisement oversight.
The Spanish government has been monitoring the situation for the past year and finally came to a conclusion yesterday. According to the local newspaper La Información, the National Securities Market Commission (CNMV) is set to start reviewing cryptocurrency advertisements before they get released.
Moreover, after adopting the new legislature, the ads are set to follow the same strict rules as other financial advertisements, such as being “accurate, sufficient and updated, in a manner appropriate to its nature and complexity, as well as the characteristics of the media used,” while what has been defined as “larger ads” must be approved by the European Commission.
While the Spanish regulation does not seem severe, things are not looking as bright on the other side of the world, in Singapore. The Monetary Authority of Singapore (MAS) has come up with a press release, in which they revealed their plans to “discourage cryptocurrency trading by the general public” by limiting crypto advertisement to a small number of online platforms.
From now on, cryptocurrency ads in Singapore shall be restricted to official company websites, mobile apps, and official social media accounts. Public advertisement, such as billboards or TV ads, is henceforth forbidden in the country.
While Singapore's attitude towards crypto comes from its volatile nature, the country is open to supporting blockchain technology as such, thanks to the innovative solutions it brings.
These recent developments might not seem positive, but they are sending a signal to the world that countries are not ignorant of cryptocurrencies anymore. Rather they are trying to adopt a stance on the matter that, while not always favorable, helps bring clarity to the legal environment.