---
title: "CNMV Circular 1/2022 (crypto-asset advertising)"
url: "https://www.unknowngravity.com/en/glosario/circular-1-2022-cnmv-publicidad-criptoactivos"
site: Unknown Gravity
published: "2026-05-31T13:42:57+00:00"
modified: "2026-07-30T15:43:02+00:00"
language: en-US
description: CNMV Circular 1/2022, of 10 January, on the advertising of crypto-assets presented as an investment, was in force between 2022 and 2024.
section: "Home > CNMV Circular 1/2022 (crypto-asset advertising)"
---

# CNMV Circular 1/2022 (crypto-asset advertising)

GLOSSARY · BLOCKCHAIN & WEB3

What CNMV Circular 1/2022 was, and why it has been repealed since December 2024: crypto-asset advertising is now governed by MiCA.

WHAT IS IT? · FOR DUMMIES

You have probably seen crypto ads featuring footballers or *influencers* claiming you will get rich. To curb that misleading advertising, the CNMV (the “referee” of the markets in Spain) issued a set of rules: **Circular 1/2022**.

The idea is simple: if you advertise crypto-assets to the public in Spain, you cannot promise easy gains, you must warn that you could lose all your money, and the advertising must be clear and honest. Large campaigns even have to be notified to the CNMV before launch. It is like putting a “this carries risk” label on every ad.

WHAT IS IT? · PRO

**CNMV Circular 1/2022, of 10 January**, on the advertising of crypto-assets presented as an investment, was in force between 2022 and 2024. It implemented former Article 240 bis of the consolidated Securities Market Act, now Article 247 of Law 6/2023 (LMVSI).

It required clear, balanced and non-misleading messages, mandatory risk warnings and prior notification to the CNMV for campaigns addressed to more than 100,000 people. The CNMV repealed it once MiCA took over the subject matter across the EU, leaving Member States no room to legislate on what is already covered at EU level. Article 247 remains in force, but crypto-asset advertising is now governed by MiCA: marketing communications must be fair, clear and not misleading, and consistent with the white paper (CNMV Circular 1/2024, BOE-A-2024-27149; Arts. 7, 29 and 53 of Regulation (EU) 2023/1114).

## 01 / Key points

- Rule: **CNMV Circular 1/2022**, on the advertising of crypto-assets as an investment.
- It required advertising to be **clear, balanced and non-misleading**, with mandatory risk warnings.
- It imposed **prior notification** to the CNMV for mass campaigns (more than 100,000 recipients).
- **Repealed with effect from 28 December 2024** by CNMV Circular 1/2024 (BOE-A-2024-27149).
- MiCA now covers this: crypto-asset marketing communications are governed by **Regulation (EU) 2023/1114**.

RELATED CONCEPTS

[MiCA (Markets in Crypto-Assets Regulation)](/en/glosario/mica-reglamento-criptoactivos) [CASP (Crypto-Asset Service Provider)](/en/glosario/casp-proveedor-servicios-criptoactivos) [STO (Security Token Offering)](/en/glosario/sto-security-token-offering)

KEEP LEARNING

[MiCA: the CASP transitional regime ended on 1 July 2026 in Spain](/en/articulos/mica-deadline-espana-2026) [MiCA vs MiFID II: which regulation applies to your token](/en/articulos/mica-vs-mifid-ii)

[Full glossary](/en/glosario)

This entry is informative. It is not legal, tax or investment advice. The rules cited change: check the current version on [BOE](https://www.boe.es) and [EUR-Lex](https://eur-lex.europa.eu).