"CNMV recommends not to purchase bitcoins to retail investors"

On 24 January, CNMV's Chairman, Sebastián Albella, spoke at the ABC-Deloitte forum. In his speech, he warned over cryptocurrencies and ICO for retail investors. "CNMV recommends not to purchase bitcoins to retail investors", declared Albella, who showed his concern about this matter.

 

He recalled that the supervisory body works with the Bank of Spain and explained that CNMV reserves the right to promote regulatory changes for the regulation of cryptocurrencies, as well as to warn about non-regulated entities selling bitcoins and as well as unauthorised entities to provide investment services, also known as "boiler rooms". Albella also showed his concern about initial coin offerings due to the fact that they may be subject to applicable standards for securities investments.

 

He conducted a review for the latest developments of the MiFID II/MiFIR regulatory package both for the investor and market protection. The event was attended by business and finance representatives, leading managers of ABC newspaper and its editorial group.