Spain Leads European Crackdown On Crypto Promotions?

Spain Leads European Crackdown On Crypto Promotions
Monday 17 January 2022 11:48 am European regulators are considering tough new regulation on crypto adverts. Spain has emerged as a frontrunner in Europe’s race to crackdown on adverts promoting unregulated crypto assets. Spain’s national securities market commission has been granted powers to oversee the promotion of crypto adverts and today issued guidance on new rules regulating the sector.

The rules require digital asset service providers, including social media influencers who are paid to promote crypto, to notify the watchdog about advertising content and to issue a warning about the risks of investing;

“The aim is to ensure that the advertising of the products offers true, understandable and nonmisleading content, and includes a prominent warning of the associated risks,” Spain’s CNMV said in a statement. “This is particularly relevant in the field of cryptoassets as the absence of a complete regulation is a challenge for investor protection.

” The watchdog said adverts will be required to include the following warning: “investments in crypto-assets are not regulated;
They may not be appropriate for retail investors and the full amount invested may be lost;

” Developments in Spain will likely be watched with interest by European nations considering their own crackdown on crypto asset advertising. In France, a unit supervised by the finance ministry was given the powers to investigate crypto advertising and a French reality TV star was recently fined €20,000 for “misleading commercial practices” after promoting a Bitcoin trading site on Snapchat.

The UK’s Advertising Standards Agency is pursuing its own campaign against crypto and has banned ads from Arsenal Football Club, Coinbase and Papa John’s Pizza among others amid concerns that investors are being misled by promotions that do not address the risks of investing in digital assets.

The ASA has raised the alarm about digital asset promotions previously told City A. that it expects to publish guidance on crypto advertising in the next six months. “Cryptoassets are a red-alert priority issue for us, so we’re conducting proactive monitoring and interventions where we find issues,” said Miles Lockwood, the director of complaints and investigations for the ASA.

Does Spain allow cryptocurrency?

Are cryptocurrencies legal in Spain? – Cryptocurrencies are legal in Spain. Since Regulation 11/2021 on measures to prevent and combat tax fraud came into effect, those earning money from virtual currencies will have to declare any crypto holdings above a certain value with the Spanish Tax Agency.

Is EU banning cryptocurrency?

Spain Leads European Crackdown On Crypto Promotions Jack Schickler is a CoinDesk reporter focused on crypto regulations, based in Brussels, Belgium. He doesn’t own any crypto. European Union lawmakers voted today in favor of controversial measures to outlaw anonymous crypto transactions, a move the industry said would stifle innovation and invade privacy. More than 90 lawmakers voted in favor of the proposal, according to documents seen by CoinDesk.

The proposals are intended to extend anti-money laundering (AML) requirements that apply to conventional payments over EUR 1,000 ($1,114) to the crypto sector;
They also scrap the floor for crypto payments, so payers and recipients of even the smallest crypto transactions would need to be identified, including for transactions with unhosted or self-hosted wallets;

Further measures under discussion could see unregulated crypto exchanges cut off from the conventional financial system. National governments said in December they wanted to scrap the EUR 1,000 threshold for crypto, on the basis that digital payments can easily circumvent the limit, and to include private wallets that aren’t operated by regulated crypto asset providers.

Members of the center-right European People’s Party (EPP) opposed many of the more controversial changes, condemning what they called a “de facto ban of self-hosted wallets;
” “Such proposals are neither warranted nor proportionate,” EPP economic spokesperson Markus Ferber said in an emailed statement Thursday;

“With this approach of regulating new technologies, the European Union will fall further behind other, more open-minded jurisdictions. ” A separate legal proposal also discussed today would stop transfers being made to “non-compliant” crypto service providers, which includes those operating in the EU without authorization or that are not affiliated to or established in any jurisdiction.

The Thursday vote came in spite of objections from major industry participants, such as Coinbase , and from legal experts who warned that overly heavy-handed privacy violations could face legal challenges in EU courts.

Under the new rules, Coinbase would have to report to the authorities any time a customer received over EUR 1,000 of crypto from a self-hosted wallet, the exchange’s CEO Brian Armstrong warned in a tweet posted Wednesday. The plans must also be agreed on by both the parliament and national ministers, who meet as the EU Council, in order to pass into law.

Is Binance regulated in Spain?

Spain Leads European Crackdown On Crypto Promotions Jamie Crawley is a CoinDesk news reporter based in London. Crypto exchange Binance’s Spanish subsidiary, Moon Tech Spain, has been granted registration as a virtual asset services provider by the country’s central bank.

Registration allows Binance to offer crypto exchange and custody services in Spain in compliance with the country’s anti-money laundering and counter-terrorist financing rules, it said Friday.
The Bank of Spain’s approval follows similar registrations for Binance in France and Italy in recent months.
Having obtained approval to operate in Bahrain, Abu Dhabi and Dubai earlier this year, Binance has been seeking to expand its regulatory ambit in Europe.
Last year, the world’s largest crypto exchange by trading volume received a string of warnings from regulators about its lack of authorization to operate or offer certain services in their markets. These included the U. and Italy.
Binance now plans to expand its headcount and operations in Spain by hiring local workers to serve the Spanish-speaking market.

What country has the least crypto restrictions?

Luxembourg – Luxembourg is one of the cryptocurrency legal countries. So, it regards cryptocurrency as a legitimate currency. There are no restrictions against trading with cryptocurrencies or using them within the country. Although Luxembourg has no explicit cryptocurrency rules, the government’s legislative approach to them is typically progressive.

The CSSF regulates cryptocurrency exchanges in Luxembourg, and they must adhere to the same regulations as other financial organizations;
Today, the country is set to keep up with the crypto trends and develop the best strategies to deal with them;

It’s a good quality of crypto countries.

How many people invest in crypto in Spain?

As much as 6. 8% of the people in Spain have invested in crypto at some point, driven mainly by the hope of profit and faith in the underlying technology, according to a survey by the country’s securities markets regulator.

Is Spain into Bitcoin?

How many crypto owners in Spain? – It is estimated that over 1. 1 million people, 2. 51% of Spain’s total population, currently own cryptocurrency. (1).

Is Bitcoin being banned in Europe?

Last week, the European Commission, European Union (EU) lawmakers, and member states (known as a trilogue in European politics) agreed on historic reforms for cryptocurrency regulation. I caught up with the Member of the European Parliament (MEP) who was in charge of drafting of the Market in Crypto-Assets (MiCA) legislation.

MEP Stefan Berger not only led the drafting of the legislation in committee, but also was responsible for incorporating compromise amendments and resolutions. “It was important that in the end Parliament, Commission and Council took together the path of innovation and technology openness, instead the path of ban,” said Berger.

In March of 2022, Berger had dealt with an attempt to thwart the mandate toward a trilogue where some sought to include a divisive provision that could have effectively banned bitcoin BTC over energy concerns. In Berger’s estimation, the agreed-upon regulations in MiCA will be a ‘global role model’ that could influence how other countries move forward with crypto-asset regulations.

“MiCA is a European success story. Europe is the first continent to launch a crypto-asset regulation and will be a global role model,” said Berger to me in declaring the victory. Celebrating, Berger shared with me that, “particularly as rapporteur, this is a great feeling.

We set clear rules for a harmonized market that will provide legal certainty for crypto-asset issuers, guarantee a level playing field for service providers and ensures high standards for consumers and investors. ” Berger celebrated the success on Twitter, including his happiness at avoiding an outright ban on proof-of-work, when he stated, “MiCA Trilogue ‘Breakthrough!’ Europe is the first continent with crypto asset regulation.

“Parliament, Commission & Council have agreed on balanced #MiCA. For me as reporter is was important that there is no ban on technologies like #PoW. ” Dr. Stefan Berger exclaims the excitement of a breakthrough where the European Parliament,.

[+] Commission, and Council have agreed on a balanced MiCA. It was important to Berger that there be no ban on technologies like PoW. Twitter While any immediate ban on bitcoin and proof-of-work in Europe has been avoided, a press release explaining the final version of MiCA does include some provisions affecting proof-of-work.

“Actors in the crypto-assets market will be required to declare information on their environmental and climate footprint [;
] Within two years, the European Commission will have to provide a report on the environmental impact of crypto-assets and the introduction of mandatory minimum sustainability standards for consensus mechanisms, including the proof-of-work,” said the release;

The press release also highlights new accountability standards for crypto-asset service providers (CASP) as well. “With the new rules, [CASPs] will have to respect strong requirements to protect consumers wallets and become liable in case they lose investors’ crypto-assets,” said the release.

Other key provisions in MiCA included how the European Banking Authority (EBA) will be tasked with maintaining a public register of non-compliant CASPs and how all CASPs will need an authorization in order to operate within the EU;

Regarding stablecoins, the press release notes that, “Every so-called ‘stablecoin’ holder will be offered a claim at any time and free of charge by the issuer, and the rules governing the operation of the reserve will also provide for an adequate minimum liquidity.

Furthermore, all so-called “stablecoins” will be supervised by the European Banking Authority (EBA), with a presence of the issuer in the EU being a precondition for any issuance. ” “Non-fungible tokens (NFTs), i.

digital assets representing real objects like art, music and videos, will be excluded from the scope except if they fall under existing crypto-asset categories,” stated the release. However, MiCA requires that within 18 months, “the European Commission will be tasked to prepare a comprehensive assessment and, if deemed necessary, a specific, proportionate and horizontal legislative proposal to create a regime for NFTs and address the emerging risks of such new market.

” According to Berger, cryptocurrencies had been both out of scope in European legislation with divergent laws existing between the EU Members;
“So far, crypto-assets, such as cryptocurrencies, have been out of the scope of the European legislation and too many often divergent laws exists in Member States,” said Berger;

Ultimately, Berger was consistent and influential in his role as a lead negotiator on the MiCA package in his desire to avoid a proof-of-work when challenged in March of 2022. His tweet on March 25 illustrates his excitement at the good news of maintaining his mandate going into the negotiations with the Trilogue, at a time when even Berger had expressed sentiments about not being sure how this would turn out because of ‘politics.

‘ Berger stated in the tweet, “Good news! My mandate is NOT challenged. I will now go into the trilogue negotiations with the position that there will be no #PoW ban. The EU Parliament gives me tailwind & shows innovative strength.

” Dr. Stefan Berger, lead Parliamentarian for the MiCA regulations in Europe, describes how his. [+] mandate would not be challenged and his position was maintained that there would be no #PoW ban. Twitter For the United States, the issues related to the conflicts in state-by-state money transmission laws may face similar overhauls as both the White House and Congress will be highly focused on potentially sweeping federal legislation that could have exclusive jurisdiction over state laws.

Additionally, the United Kingdom may feel similar pressure to react to how Europe has been a first-mover with crypto-asset regulation;
The hypothesis of whether harmonizing consistent regulations across a continent can stabilize the currently tumultuous crypto-asset marketplace can now be tested and both the U;

Is cryptocurrency legal in Europe?

Is cryptocurrency legal in the European Union? – Cryptocurrencies are legal across the European Union with individual member-state regulations. Cryptocurrency taxation varies from country to country, where some charge tax on derived earnings at rates of 0 to 50%.

What caused the crypto crash?

Interest rate hike – In a bid to cool down inflation , the US Federal Reserve has decided to increase the rate of interest. A report by the Wall Street Journal has signaled that the Fed would follow aggressive strategy to increase the price of debt, slow spending and rein in record high inflation.

Where can I buy crypto news?

Is Aave on Binance us?

Trade 65+ cryptocurrencies on Binance. US Aave (AAVE) is available on the ‘Buy Crypto’ page, which supports 65+ cryptocurrencies, including popular cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), BNB, and more.

Which is the most crypto friendly country?

Kucoin – Kucoin is a Hong Kong-based offshore crypto exchange with a reputation for being a mecca for altcoin traders. It lists over 300 different currencies and often provides liquidity for currencies that other centralized exchanges do not have. Kucoin also has a selection of services like free trading bots, OTC trading and crypto crowdfunding initiatives.

This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site.

CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only.

It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.

The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap. CoinMarketCap is not responsible for the success or authenticity of any project, we aim to act as a neutral informational resource for end-users.

What country has no tax on crypto?

Cayman Islands – The Cayman Islands is a renowned global financial center with a reputation for being one of the most creative and business-friendly locations in the world. It has a regulatory regime that focuses on the financial services industry, particularly those catering to sophisticated and institutional investors from other jurisdictions.

It also stands out as one of the most popular no crypto tax countries;
The Cayman Islands government imposes no income, inheritance, gift, capital gains, corporation, withholding, or other similar taxes, including on the issuance, holding, or transfer of digital assets;

Original documents executed in the Cayman Islands (or carried into the Cayman Islands after execution) may be subject to stamp duty.

Which country is tax free for crypto?

Spain Leads European Crackdown On Crypto Promotions In her Union Budget 2022 speech, Finance Minister Nirmala Sitharaman announced that ‘any income from transfer of any virtual digital asset shall be taxed at the rate of 30 per cent’ | Image: Manikandan R Starting April 1, 2022, India will levy tax on cryptocurrency and other digital assets. In her Union Budget 2022 speech, Finance Minister Nirmala Sitharaman announced that “any income from transfer of any virtual digital asset shall be taxed at the rate of 30 per cent”. As investors and crypto exchange founders wait to see how the proposal plays out, The Federal presents the Top 10 crypto tax-free countries in the world (yes, there are still some havens where investors pay no tax or less tax on digital assets). Germany Advertisement Spain Leads European Crackdown On Crypto Promotions Crypto isn’t totally tax free in Germany, but they do have some quirky rules that allow investors to avoid taxes. Germany views cryptocurrencies as private money, not a capital asset. If you hold your crypto for more than a year, when you later sell, swap or spend it, you’ll pay no tax. Holding the crypto is key, because crypto held for less than a year is taxed unless the profit is less than 600 euros.

Another quirk is the staking rule. If you’ve staked your crypto to earn further income, this crypto would be subject to taxes regardless of how long you’ve held it. It’s only after 10 years of holding your crypto that staked crypto would be tax free at the point of sale.

Germany does subject some crypto to income tax, including: Getting paid in crypto and mining crypto. As well as this, a new law that came into force in 2021 across the EU, including Germany, effectively stops all crypto derivatives trading. So if you’re mostly trading prediction contracts, the EU isn’t the best place to be.

Belarus In 2018, the Eastern European state legalised crypto activities and exempted all individuals and businesses from crypto tax for five years;
As such, all crypto activities, including mining and day trading, are viewed as personal investments, which makes them exempt from both income tax and capital gains tax;

This law was created to bolster Belarus’ digital economy, and it’s up for review next year. El Salvador El Salvador was the first country in the world to make Bitcoin a legal tender. In doing so, the country hoped to attract more investments. The country also now exempts foreign investors from paying any tax on Bitcoin gains or income.

Portugal Portugal is one of the best places in the world to live if you want to avoid paying crypto taxes. Since 2018, all proceeds from selling crypto are tax free. Crypto trading isn’t considered investment income either.

Provided you’re not a business, your crypto is also exempt from VAT and income tax in Portugal. So for the vast majority of investors, Portugal is crypto tax free. Singapore There’s a reason many crypto exchanges, like KuCoin and Phemex, are based in Singapore – the city-state is a crypto tax haven for both individuals and businesses.

Singapore doesn’t have a capital gains tax;
So when you sell or trade crypto, you pay pay any;
Cryptos are also viewed as intangible property from a tax perspective;
When you spend them on goods and services, this is viewed as a barter trade, not a payment;

Can you trade crypto futures in Spain?

According to reports, the crypto exchange Binance was compelled to cease all crypto futures trading in Spain at the request of the country’s market regulator. According to La Información, Binance was recently “forced” to “totally cease the sale of cryptoasset derivatives in Spain” by the National Securities Market Commission (CNMV), which has certain jurisdiction over the crypto sector and regulates the stock market.

According to the report, Binance’s Spanish “managers” have “had many meetings with the since the beginning of the year,” according to unnamed “business sector sources. ” On Binance’s Spanish website, the derivatives menu has been deleted from the relevant choices.

The derivatives menu is located between the trade and earn menus in the English-language edition. Binance held conversations with the regulator in early March this year, and Binance had delivered the regulator “credential letters,” according to the same media outlet, which cited “sources” close to the case.

The company applied to be listed in the official record of the Spanish central bank in January (BdE). The “cryptocurrency powerhouse” was “certain about its expansion strategy in Spain,” according to the article, but it was “awaiting authorisation from the BdE” before expanding its activities in the nation.

This isn’t the first time that the CNMV and Binance have clashed. Following an alleged promotional contract between Binance and Spanish football icon Andrés Iniesta, the latter uploaded photos to Twitter of himself using the crypto trading platform in November of last year.

The dissatisfied CNMV publicly chastised him on social media, noting that cryptoassets posed “risks” because they were “unregulated items. ” The World Cup winner was told by the authority to “educate yourself thoroughly before investing in” cryptocurrency or recommending it to others.

https://twitter. com/CNMV_MEDIOS/status/1463573103943077889 Last year, the agency included Binance to a “grey list” of entities — mostly crypto-related firms — that it believes are engaging in “unregulated” and “unsupervised” operations. Binance, along with a few other well-known cryptocurrency exchanges, was allowed to “leave” the list.

However, it appears that its fight for formal recognition in Spain is still underway. For full blog visit:- https://bitcoinsupports. com/binance-has-halted-cryptocurrency-derivatives-trading-in-spain-in-response-to-a-regulators-request/ Disclaimer: These are the writer’s opinions and should not be considered investment advice.

Readers should do their own research.

What is crypto?

Cryptocurrency – meaning and definition – Cryptocurrency, sometimes called crypto-currency or crypto, is any form of currency that exists digitally or virtually and uses cryptography to secure transactions. Cryptocurrencies don’t have a central issuing or regulating authority, instead using a decentralized system to record transactions and issue new units. Spain Leads European Crackdown On Crypto Promotions .