Crypto advertising rules in Spain: what MiCA requires after CNMV Circular 1/2022 was repealed

What Circular 1/2022 regulated and why it no longer applies

CNMV Circular 1/2022 applied to advertising aimed at investors in Spain that presented crypto-assets as an investment. CNMV Circular 1/2024 of 17 December repealed it with effect from December 28, 2024: MiCA now governs crypto advertising across the EU and leaves no room for a national rule. Today the boundary is set by MiCA: crypto-assets that qualify as financial instruments are out of scope (their advertising follows securities rules), as are unique, non-fungible crypto-assets (Regulation (EU) 2023/1114, Art. 2(3) and 2(4)) — a boundary which you can check with our MiCA or MiFID II classifier.

The three MiCA obligations that define a legal campaign

1. White paper and mandatory statement. Marketing communications for an offer or admission to trading of crypto-assets (other than asset-referenced tokens and e-money tokens) must state that a white paper has been published, give the offeror's website and contact details, and include, clearly and prominently, the statement in Article 7(1)(e) of MiCA: “This crypto-asset marketing communication has not been reviewed or approved by any competent authority in any Member State of the European Union. The offeror of the crypto-asset is solely responsible for the content of this crypto-asset marketing communication.” Service providers must also warn their clients of the risks of crypto-asset transactions (Art. 66(3)).

2. Fair, clear and not misleading content (MiCA, Arts. 7(1)(b) and 66(2)). Benefits cannot be highlighted while omitting risks; past performance promises nothing; urgency and exclusivity messaging is minefield territory.

3. No prior approval, but supervision afterwards. MiCA forbids requiring prior approval of marketing communications (Art. 8(3)); they are notified to the competent authority on request (Art. 8(2)). Circular 1/2022 required notifying the CNMV of campaigns aimed at more than 100,000 people at least 10 working days in advance; that obligation disappeared with its repeal. Today the CNMV supervises after the fact and can suspend or prohibit a marketing communication if it suspects a breach of MiCA (Art. 94).

Influencers: yes, them too

The repealed Circular expressly covered people who, for remuneration, advertised crypto-assets to more than 100,000 followers. MiCA sets no equivalent threshold: a piece paid for by the offeror or the service provider is its own marketing communication and must meet MiCA's requirements in the post, the video or the story exactly as in a conventional ad. Responsibility for the content lies with the offeror or the provider (MiCA, Art. 7(1)(e)), so the creator's contract should set these obligations out in writing.

MiCA, the rule in force

MiCA sets the requirements for the marketing communications of offerors, persons seeking admission to trading and service providers (clear identification as advertising, fair information consistent with the white paper, mandatory statement) and, since Circular 1/2022 was repealed on December 28, 2024, it is the rule that applies in Spain. In practice, a serious campaign in Spain is designed to satisfy MiCA and general advertising law — and if the advertiser is a service provider, its own status comes into play, as we explain in our CASP license guide.

Pre-launch checklist

Asset classification (financial instrument, asset-referenced token, e-money token or other crypto-asset?); identification as advertising, white-paper reference and the Art. 7(1)(e) MiCA statement on every piece and format; benefit/risk balance reviewed by someone who did not write the copy; consistency of every piece with the published white paper (MiCA, Art. 7(1)(c)); influencer contracts with written obligations; and an archive of creatives and receipts, in case the CNMV asks for the communications (MiCA, Art. 8(2)). That is the standard we apply to our clients web3 marketing: growth without collecting enforcement letters.

Which MiCA article applies depending on who advertises

Since December 28, 2024, there has been no specific Spanish rule: CNMV Circular 1/2024 repealed Circular 1/2022 because MiCA (Regulation (EU) 2023/1114) already governs crypto advertising. The applicable article depends on the crypto-asset and on who promotes it; all of them require the piece to be identifiable as advertising, the information to be fair, clear and not misleading, and consistent with the white paper.

• Offer or admission to trading of crypto-assets other than asset-referenced tokens and e-money tokens (Art. 7): the piece states that a white paper has been published, gives the offeror's website and contact details, and includes the statement that it has not been reviewed or approved by any competent authority. It cannot be disseminated before the white paper is published, where one is required (Art. 7(2)).
• Asset-referenced tokens (Art. 29) and e-money tokens (Art. 53): in addition, the piece must state that holders have a right of redemption against the issuer and be published on the issuer's website.
• Crypto-asset service providers (Art. 66(2) and 66(3)): their advertising must be identifiable as such and fair, clear and not misleading, and they must warn clients of the risks of crypto-asset transactions.
• No prior approval: authorities cannot require advertising to be approved before it is published (Arts. 8(3), 29(4) and 53(4)); it is notified to them on request (Arts. 8(2), 29(5) and 53(5)).
• Supervision afterwards: the CNMV can suspend or prohibit a marketing communication where there are reasonable grounds to suspect it breaches MiCA (Art. 94).

This content is informational and does not constitute legal advice. If your crypto campaign needs regulatory fit as well as results, talk to us.