Connect with us


The CNMV Warns of the Risk of Crypto Assets Despite Its Regulation

The CNMV plans specific and intensive training in 2024 on cryptoassets and MiCA Regulation for its technicians responsible for supervision. This includes internal programs and working groups. The CNMV aims to protect retail investors, incorporate sustainable finance, and exercise new supervisory powers derived from cryptoasset and cybersecurity regulations.




The issuance of crypto assets will begin to be regulated in December 2024 with the entry into application of the MiCA Regulation. With this European regulation, entities that offer services related to these products will also be regulated.

This standard will require the establishment of a new supervisory framework for these products, which must be applied with a homogeneous supervisory approach at the European level. Despite this regulation, the National Securities Market Commission (CNMV) warns of the risks of investing in these assets.

Read more about the CNMV regulation on the crypto assets and find the latest business news of the day with the Born2Invest mobile app.

The CNMV customer service telephone service remains unawarded due to lack of offers

The supervisor warns that, although it is a regulated investment, the risks still exist and above all he sends this message to retail investors, since when MiCA comes into operation, many well-known entities can market this product to their clients. For this reason, Rodrigo Buenaventura, president of the CNMV, explained that one of the institution’s objectives in 2024 will be the training of the team and retail investors.

For the CNMV, MiCA is complex due to its technological components and is based on new business models and financial proposals that evolve rapidly. During 2023, general training was offered to all CNMV technicians, so in 2024 specific and intensive training on cryptoassets and the MiCA Regulation will be carried out for the technicians who will be responsible for supervising the different areas of this regulation.

To this end, a specific and long-term internal program will be organized in order to delve deeper into these matters for the future supervision of cryptoasset markets and service providers (CASP) by the CNMV.

In parallel, working groups will be organized with the sector to achieve practical training aimed at the application of the MiCA Regulation, which will allow the CNMV to know in detail the operation of the CASP , along with the issuance processes of cryptoassets and the different business models.

“Protection of the retail investor, focused on ensuring that the marketing of products clearly warns of the associated risks, the correct incorporation of sustainable finance into the financial sector and the new supervisory powers derived from the regulations on cryptoassets and on cybersecurity,” Buenaventura explained in the presentation of the CNMV’s 2024 Activity Plan. The institution assures that the regulation of these assets will increase interest in them , so we will have to be more vigilant.

The CNMV activity plan published this Tuesday explains that in the field of cryptoassets, the risks come, among other issues, from the very nature of these assets and their possible use in illicit activities in a non-existent regulatory framework or in development. At the same time, its presence in investors’ portfolios and the growing interest on the part of providers in its offer and services is undeniable (the BME Clearing market infrastructure itself was authorized last year to expand its clearing services and include in its offering futures on indices linked to bitcoin and Ethereum).

At this time, in addition to monitoring possible risks to the financial stability of these assets, the sector is at a key regulatory moment in Europe, that of the implementation phase of the MiCA Regulation. In this case, it is essential that all market participants and the authorities themselves prepare appropriately in this period prior to the full application of the regulation.

The president added that the regulation enters at the end of this year, but the objective of the CNMV is to anticipate and carry out a series of activities to “try to grease the process as much as possible. “In addition, he pointed out that the goal is to soften the processes of approaching regulated entities to see the demand of those that want to be regulated to issue and “prepare ourselves for this.”

This new regulation (the MiCA regulation) involves several actions, among which the preparation for the supervision of market abuse in the negotiation of cryptoassets subject to the regulation stands out; management for the receipt of documentation for emissions; or interaction with the sector to anticipate interest in the provision of cryptoasset services.

Likewise , the CNMV pointed out that attention must be intensified to risks that arise outside the supervisor’s powers, such as in the provision of cross-border services or services intentionally designed to evade supervision, which will require collaboration with other supervisors. While the complete regulatory framework is built, the CNMV will maintain its policy of issuing warnings and alerts about the risks of these products and controlling their advertising, which will continue to be unregulated or supervised in 2024.

While the MiCA regulation arrives, the price of bitcoin is around $57,000 (52,458 euros) for the first time since the end of 2021 after being supported by investor demand through exchange-traded spot bitcoin ETF funds, as well as by MicroStrategy’s purchases of 3,000 bitcoin for 155 million dollars (142.72 million euros). Bitcoin has improved its value by 33.9% since the beginning of 2023, recovering from a collapse of 64% in 2022, although it is still below the historical maximum of almost 69,000 dollars (63,535 euros) reached in November 2021.


(Featured image by Alesia Kozik via Pexels)

DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.

This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

First published in EL INDEPENDIENTE. A third-party contributor translated and adapted the articles from the originals. In case of discrepancy, the originals will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us

Valerie Harrison is a mom of two who likes reporting about the world of finance. She learned about the value of investing at a young age upon taking over her family's textile business when she was just a teenager. Valerie's passion for writing can be traced back to working with an editorial team at her corporate job, where she spent significant time working on market analysis and stock market predictions. Her portfolio includes real estate funds, government bonds, and equities in emerging markets such as cannabis, artificial intelligence, and cryptocurrencies.