The National Stock Market Commission (CNMV), Spain’s principal financial regulator, called out the fraudulent crypto assets promos on X (formerly Twitter) and reiterated the obligation of companies to comply with local laws.
On Nov. 8, in a speech at the Deloitte annual conference for the Spanish financial sector in Madrid, the CNMV head, Rodrigo Valbuena, revealed that the ads in question “make illegal use of the image of some Spanish actors and the design and identity of a national media to try to obtain data and money from investors.”
Valbuena reminded the audience that Spanish legislation holds “internet companies, media and social networks” responsible for taking measures against investment promotions by unlicensed entities and suggests sanctioning the non-compliance. He also promised that his agency would take this case seriously:
“I can assure you that we will scrupulously exercise all our capacities, supervisory powers and our supervisory and sanctioning powers in these cases.”
The regulator also warned that the CNMV is “preparing for the new tasks” and will soon be strengthening its human resources, increasing its staff by 15%.
Last week, the CNMV opened its first case against a technology provider for violating crypto promotion rules in the country. It has initiated “sanctioning proceedings” against Miolos for two “massive” advertisement companies in September and November 2022. The company failed to include risk warnings or submit its campaigns for the CNMV’s authorization.
Spain has said it intends to implement the first comprehensive European Union crypto framework — the Markets in Crypto-Assets Regulation (MiCA) — even earlier than the July 2026 deadline for EU member states to provide legal certainty and investor protection.
The UK has re-established diplomatic ties with Syria, David Lammy has said, as he made the first visit to the country by a British minister for 14 years.
The foreign secretary visited Damascus and met with interim president Ahmed al Sharaa, also the leader of the rebel group Hayat Tahrir al-Sham (HTS), and foreign minister Asaad al Shaibani.
In a statement, Mr Lammy said a “stable Syria is in the UK’s interests” and added: “I’ve seen first-hand the remarkable progress Syrians have made in rebuilding their lives and their country.
“After over a decade of conflict, there is renewed hope for the Syrian people.
“The UK is re-establishing diplomatic relations because it is in our interests to support the new government to deliver their commitment to build a stable, more secure and prosperous future for all Syrians.”
Image: Foreign Secretary David Lammy with Syria’s interim president Ahmed al Sharaa in Damascus. Pic: X / @DavidLammy
The Foreign, Commonwealth and Development Office has also announced a £94.5m support package for urgent humanitarian aid and to support the country’s long-term recovery, after a number of British sanctions against the country were lifted in April.
While HTS is still classified as a proscribed terror group, Sir Keir Starmer said last year that it could be removed from the list.
The Syrian president’s office also said on Saturday that the president and Mr Lammy discussed co-operation, as well as the latest developments in the Middle East.
Since Assad fled Syria in December, a transitional government headed by Mr al Sharaa was announced in March and a number of western countries have restored ties.
In May, US President Donald Trump said the United States would lift long-standing sanctions on Syria and normalise relations during a speech at the US-Saudi investment conference.
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From May: Trump says US will end sanctions for Syria
He said he wanted to give the country “a chance at peace” and added: “There is a new government that will hopefully succeed.
“I say good luck, Syria. Show us something special.”
Secret Service quietly amasses one of the world’s largest crypto cold wallets with $400 million seized, exposing scams through blockchain sleuthing and VPN missteps.