---
title: "Crypto advertising rules in Spain: what CNMV Circular 1/2022 requires"
url: "https://www.unknowngravity.com/en/articulos/crypto-advertising-rules-spain"
site: Unknown Gravity
published: "2026-08-13T16:38:46+00:00"
modified: "2026-08-13T16:38:46+00:00"
language: en-US
description: "Advertising crypto-assets in Spain has had its own rulebook since 2022: CNMV Circular 1/2022 requires standardised risk warnings, clear and balanced messaging, and prior notification of mass…"
section: "Home > Cryptocurrencies and tokens > Crypto advertising rules in Spain: what CNMV Circular 1/2022 requires"
---

# Crypto advertising rules in Spain: what CNMV Circular 1/2022 requires

**Advertising crypto-assets in Spain has had its own rulebook since 2022: CNMV Circular 1/2022 requires standardised risk warnings, clear and balanced messaging, and prior notification of mass campaigns to the supervisor.** It also reaches paid influencers. Running crypto ads without knowing it is not marketing: it is manufacturing enforcement files.

## What Circular 1/2022 regulates

[CNMV Circular 1/2022](https://www.boe.es/buscar/act.php?id=BOE-A-2022-666) applies to **advertising aimed at investors in Spain that presents crypto-assets as an investment**. Out of scope: crypto-assets that qualify as financial instruments (their advertising follows securities rules), pure utility tokens and singular non-financial NFTs — the usual boundary, which you can check with our [MiCA or MiFID II classifier](/en/clasificador-mica-mifid).

## The three obligations that define a legal campaign

**1. The mandatory warning.** Every piece must include the standardised risk message — that investment in crypto-assets is not regulated, may not be suitable for retail investors and the entire amount invested may be lost — legibly formatted, with a link to extended risk information. Constrained formats (a banner, a story) get reduced versions, but the warning never disappears.

**2. Clear, balanced, non-misleading content.** Benefits cannot be highlighted while omitting risks; past performance promises nothing; urgency and exclusivity messaging is minefield territory.

**3. Prior notification of mass campaigns.** Campaigns aimed at **more than 100,000 people** must be notified to the CNMV at least **10 working days** in advance, with creatives and media plan. The CNMV can demand changes — and does.

## Influencers: yes, them too

The Circular expressly reaches people who, **for remuneration**, advertise crypto-assets to more than 100,000 followers: the warning and content rules apply to the post, the video and the story exactly as to a conventional ad. Both the brand and the influencer are on the hook.

## What does MiCA change?

MiCA adds its own requirements to the **marketing communications** of issuers and authorised providers (consistency with the whitepaper, clear identification as advertising), which coexist with the Spanish Circular for investment advertising. In practice, a serious campaign in Spain is designed to satisfy **both layers** — and if the advertiser is a service provider, its own status comes into play, as we explain in our [CASP licence guide](/en/articulos/casp-license-spain-mica).

## Pre-launch checklist

Asset classification (is it investment advertising?); the standard warning on every piece and format; benefit/risk balance reviewed by someone who did not write the copy; a realistic reach count (over 100,000?) and, if so, prior CNMV notification with margin; influencer contracts with written obligations; and an archive of creatives and receipts. That is the standard we apply to our clients [web3 marketing](/en/servicios/marketing-digital): growth without collecting enforcement letters.

*This content is informational and does not constitute legal advice.* If your crypto campaign needs regulatory fit as well as results, [talk to us](/en/meeting).