“I am learning how to get started with cryptocurrencies.” Andrés Iniesta published this morning on his Twitter account, where he has 25.2 million followers, this message along with a photo where he posed with the financial firm that sponsored the ad. This message, however, has cost the author of the goal that gave Spain the World Cup in South Africa the yellow card of the National Securities Market Commission (CNMV).
The stock market supervisor, also from his Twitter account, reminded Iniesta that “crypto assets, being unregulated products, have some relevant risks” and recommended that he read the statement published by this body in this regard. “You have to inform yourself thoroughly before investing in them or recommending others to do so,” added the CNMV on the social network.
In an interview published last Sunday in EL PAÍS, the president of the CNMV, Rodrigo Buenaventura, insisted on the risks involved in investing in bitcoins and other cryptocurrencies. “We must be extremely cautious because they are assets with very different risks from those we are used to. I am aware that many people invest in crypto assets, but it is important that these risks are well limited because they are products that are not regulated or subject to supervision and where there is the possibility of manipulation both in their price and in the information, ”he pointed out.
The CNMV, aware of the boom in investment in cryptocurrencies, finalizes a circular on its advertising. More and more celebrities are signed by financial firms specialized in these assets to promote them. In parallel, the European Union is negotiating a regulation that will address the risks associated with these assets (custody, marketing, information and manipulation). “It is a rule that will take several months to arrive and it was considered convenient to advance the regulation around advertising. But they are complementary norms, none by itself is sufficient to confront this phenomenon ”, according to Buenaventura.