The CNMV examines its strategy given the little impact of its crypto announcements

The National Securities Market Commission (CNMV) is one of the public bodies most concerned with investment in cryptocurrencies. But despite its involvement in delivering warnings, the truth is that its current approach is not achieving the desired reach. only one 4.8% of the general population who are aware of a warning (25.6% of the total) public on virtual currencies reports it to the presiding body Rodrigo Buenaventura.

And if that wasn’t enough, not even virtual currency investors themselves remember your messages of caution. 40.3% of people dedicated to investing regularly in this type of product have read, seen or heard a warning issued by an institution in the public sphere, although only 6.6% link it to the CNMV. Indeed, nearly 60% of repeat investors are not aware of the existence of this type of alert, according to a study carried out on the effectiveness of the measures put in place in relation to crypto-currencies.

Even virtual currency investors themselves do not recall their warning messages: 40.3% saw a public warning, but only 6.6% linked it to the CNMV

The market supervisor decided to carry out this analysis of the situation in order to know the starting point and take steps to improve the information available. These investments are gaining more and more popularity and, given their maximum volatility and lack of applicable regulation, present a high risk. Apart from being used as currency, crypto assets also function as value for investment. This problem is that the organizations are mainly concerned supervisors, as this has caused many retailers are thrown into speculation.

The authorities are aware that when the crypto-asset market explodes – which they do not rule out could happen at any time – their reputation could hang by a thread. The loss of prestige in the event of shock it is a matter of concern to the teams of the authorities of the Old Continent. It turns out that three out of four citizens say they know about cryptocurrencies, most of them are men and young people under the age of 34, but the level of knowledge they have about them is low. Only 2% say they have in-depth knowledge.

6.8% of those surveyed by the CNMV have invested in cryptocurrencies at some point, although 38% no longer do so. In this way, 4.2% of people in the sample currently have virtual currency in their wallet. Among active investors, just over half -52%- do so occasionally when falls occur in the value of this currency or have money to invest and about 10% regularly devote an amount to it, most of which does not exceed 5% of their capital. Most have a few iIncome above 3,000 euros, even if 10.7% earn less than 1,000 euros per month.

The majority of crypto investors have an income above €3,000, although 10.7% earn less than €1,000 per month

Six out of ten respondents are aware that this digital currency carries more risks than other types of investments, mainly related to the loss of the investment made and the complexity of its use. In any case, the general knowledge of the existing regulations is almost nil, 48% have nothing clear about it, 20% have wrong information and only the remaining 32% know about cryptocurrency regulations.

The bone unique developments that currently exist in our country are the registry of Bank of Spain as part of the reform of the anti-money laundering law and the CNMV Circular through which massive advertising campaigns are checked so that they are clear, balanced, unbiased and not misleading, including an explicit warning of the strong possibility of losing the entire investment due to heavy speculation. It should be noted that more than two-thirds of cryptocurrency insiders say they have seen ads publicity (from private entities) about the risks associated with the purchase of this product. All of Europe is waiting for the European regulation on the issuance and provision of services on these products, commonly referred to as Mica.

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