The Circular establishes the rules, principles and criteria to which cryptoasset advertising activity will be subject.

The aim is to ensure that the advertising of the products offers "true, understandable and non-misleading content", and includes a prominent warning of the associated risks. This is particularly relevant for cryptoassets as "the absence of a complete regulation is a challenge for investor protection."

To this end, the Circular defines the scope, specifies the advertising activity that must be subject to a prior communication regime and establishes the tools and procedures to be used to make the supervision of the cryptoasset advertising activity effective.

The Circular comes into force on 17 February 2022.

The proposed regulation is aimed at developing the standards, principles and criteria that will apply to cryptoasset advertising and, in particular, to define the objective and subjective scope as well as the powers of the CNMV on the supervision and control of cryptoassets advertising.

The consultation closes on 31 August 2021.