Spain has decided to introduce new rules which means that Youtube profiles that advertise cryptocurrencies can be fined.
According to the new rules introduced on 17 February, those with more than 100,000 followers must mention whether they have been paid for the advertising and at the same time account for the risks of cryptocurrencies.
Those who break the rules can be fined up to 300,000 euros, which corresponds to 3.1 million kronor.
– There will be some friction but it always happens when you introduce rules for something that has not been regulated before, says Rodrigo Buenaventura from Comisión Nacional Del Mercado De Valores (CNMV) in a comment to Financial Times.
Similar rules may come up for other EU countries eventually, but it will probably be some time before we see a common set of rules for all member states.
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