Crypto advertising rules

Several regulators set specific rules after a wave of aggressive crypto marketing. In Spain, CNMV Circular 1/2022 requires crypto advertising to be clear, balanced and not misleading, to carry a prominent standard risk warning and, for mass campaigns, to be notified to the CNMV in advance; it also applies when influencers are paid to promote crypto. In the UK, crypto promotions have fallen under the FCA's financial promotions regime since October 2023, with risk warnings, a cooling-off period for first-time investors and a ban on refer-a-friend bonuses.

Across the EU, MiCA requires marketing communications about crypto-assets to be identifiable as such, consistent with the white paper and fair, clear and not misleading, and national authorities can order non-compliant ads to stop. Consumer protection and audiovisual laws add further obligations on disclosure of paid content.

Enforcement has included fines, takedown orders and warnings to sports clubs and celebrities. Ads for unlicensed providers or promises of guaranteed returns are typical breaches.