The company does not have the authorization to provide financial services and since July of last year it has been part of the supervisor’s ‘grey list’.
The National Securities Market Commission (CNMV) has recalled this Tuesday that Mundo Crypto, a company that organizes an event on cryptocurrencies next Saturday at the WiZink Center in Madrid, and some sponsors of that event do not have the authorization to provide investment services or raise funds.
As indicated by the stock market supervisor to Efe, Mundo Crypto has been part of its gray list since July last year, in which it includes entities that could be raising funds or providing services of a financial nature without any type of permit or being registered in the CNMV.
In addition, some sponsors of the event such as Huobi, Bitget, and Bybit have been warned by the CNMV for not being registered to offer investment services, which are colloquially known as financial bars.
“We hope that the attendees are properly informed about the risks of investing in crypto assets,” says the CNMV in words collected by Efe, “especially now that so many investors are losing their money for investing in these assets.”
Bitcoin Falling
Bitcoin, the best-known cryptocurrency, has plummeted in recent months, its value rising from nearly $70,000 in November last year to around $21,000 today.
The fall has dragged some crypto assets that became worth practically nothing in a matter of hours, as happened in May with the collapse of TerraUSD, a cryptocurrency linked to the dollar (what is known as ‘stablecoin’).
Celebrities as a Claim
The roster of celebrities and well-known personalities is precisely one of the most striking aspects of the call for the event in Madrid. The popular presenter of Antena 3’s Chimes, Cristina Pedroche, and the popular presenter of La Ruleta de la Fortuna, Jorge Fernández, will be in charge of hosting the gala next Saturday.
The day, according to the note released by the organization several weeks ago, will begin at 5:00 p.m. and will last until midnight. “VIP guests, celebrities, and influencers will meet there. In addition, the event can also be followed online in more than 100 countries via streaming in both English and Spanish,” the statement said.
The proposal, however, has activated the alerts of the supervisor of the investment markets in Spain, in view of previous similar experiences with organizations such as IM Academy and in the face of the volatility and lack of regulation of investment in Bitcoin and other digital assets. . The CNMV and the Bank of Spain have warned on numerous occasions about the risks involved in investing in crypto assets, but the absence of regulation prevents supervisory entities from acting with them as with other conventional assets.
In September last year, the European Commission raised an initiative, the MiCA regulation, to agree on a common regulation for the bloc in the European Union. At the end of last June, the countries and the European Parliament agreed on a text, although it is still under development, and will take as much time as almost a year to enter into force.
By Audy Castaneda
