By Jesús Aguado

MADRID, Reuters – Spain has taken Monday steps to curb rampant crypto asset advertising, which includes by influencers on social media. The stock market supervisor was charged with authorizing mass campaigns and informing investors about the risks.

Global regulators are concerned about the rapid increase in cryptocurrency and other digital assets that can be linked to traditional currencies. If they don’t monitor them, it could pose a risk to the financial system.

In its official bulletin, the Spanish government stated that advertisers and firms marketing crypto assets must inform the CNMV watchdog 10 days before the campaign targets more than 100,000 people.

New regulations are effective from February mid-February. The CNMV will be able to inspect all advertisements for crypto assets, and issue warnings and restrictions about the risks of such investments.

These rules apply also to providers of crypto-asset services when they advertise their activities, and any other person advertising for them or their behalf.

They include those with over 100,000 subscribers, who are paid for advertising and promoting crypto assets.

After Andres Iniesta promoted Binance cryptocurrency exchange platform on his Instagram and Twitter accounts (NYSE:), the CNMV scolded him in November. He was told that he must be well-informed about cryptocurrencies prior to making an investment or recommending other people do the same.

High volatility in cryptocurrencies like bitcoin has been accompanied with aggressive marketing to draw investors.