Spain’s financial regulator has clarified its position on regulated investment funds investing directly in cryptocurrencies. These type of funds are legal under Law 22/2014, and investments can be made through three types of legal entities.
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Funds Directly Investing in Cryptocurrencies
Spain’s National Securities Market Commission (CNMV – Comisión Nacional del Mercado de Valores) recently clarified its position on registered funds investing in cryptocurrencies directly. The CNMV is the Spanish government agency responsible for regulating the securities markets.
In a Questions and Answers document addressed to fintech companies on activities and services that can have a relationship with the Commission, one of the questions was “Can a fund registered by the CNMV directly invest in cryptocurrencies?” The Commission replied:
This type of funds would have a legal place in Law 22/2014, which regulates, in addition to venture capital entities, other collective investment entities of closed type and their management entities.
establishes, among others, closed-end collective investment entities (EICC), closed-end investment funds (FICC), and closed-end investment companies (SICC), Iclg describes.
EICC, FICC, or SICC
The CNMV explained that the investments could be made through EICC, FICC, or SICC.
CNMV building.
For EICC, Article 2.1 of the above law mandates that “the divestment policy of its participants or partners” must meet two requirements. Firstly, the fund’s “disinvestments [must] occur simultaneously for all investors or participants,” the Commission detailed. Secondly, “what is received by each investor or participant is based on the rights that correspond to each one of them, according to the established terms in its bylaws or regulations for each class of shares or participations.”
Both FICC and SICC have their own “numerous requirements and conditions,” the CNMV noted. For example, an FICC registered with the Commission must be “managed by a management company of closed-end type collective investment entities (SGEIC) or by a collective investment institution management company (SGIIC) that is authorized to manage this type of funds.” The Commission also noted that “the FICC and the SICC are not subject to the supervision of the CNMV (except [for] self-managed SICC)” based on the provisions of article 85 of Law 22/2014.
While registered funds can theoretically invest in cryptocurrencies directly, the Commission emphasized that there are many factors to consider, reiterating:
The investment of FICC and SICC in cryptocurrencies raises a series of practical problems on how to comply with the regulations regarding the valuation of assets, the management of liquidity and the custody guarantee.
European Regulation
Europa Press reported earlier this month that the CNMV “will apply [its] securities regulations to cryptocurrencies until there is European regulation.” The news outlet quoted CNMV’s general director of Strategic Policy and International Affairs, Víctor Rodríguez, saying:
The approach adopted by the CNMV is to try to apply the existing securities regulations as long as we do not have an international or European reference standard.
What do you think of the CNMV’s approach to cryptocurrencies? Let us know in the comments section below.
Images courtesy of Shutterstock, CNMV, and Wikipedia.
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In 2017, digital ad spending amassed $209 bln globally, whereas the amount falling only at TV makes $178 bln. Increasingly, more TV advertisers are relocating their budgets across digital platforms, with projections estimated bln by 2020. Led by internet giants like Google and Facebook, big data has played a fundamental role in advertising over the past 10 years. While Facebook rules over display advertising, Google dominates paid search advertising.
In spite of the obvious benefits, glaring flaws abound in digital advertising. As a whole, the industry lacks transparency. Computer bots are thought to be behind high ad engagement rates, triggering serious concerns among business owners and advertises alike. Blockchain comes to the rescue with underlying technology benefits such as improved security, transactional transparency, speed and scalability, all of them ensuring better protection of user data.
How Blockchain Technology Could Revolutionize Digital Advertising
Blockchain technology eliminates the guesswork associated with mounting campaigns. Given that the data is encrypted, it can block empty bot clicks and handle additional threats that may hamper a campaign’s numbers and metrics. The end result could be better campaign integrity and assurance to advertisers that real people click on their ads.
The unstable nature of the digital advertising industry, where publishers and advertisers work with intermediaries like agencies, different networks, and exchanges – some of which use complex algorithms – trigger an impossible to audit, and easy-to-hack ecosystem. The blockchain, with its transparent distributed ledger, might be a natural and rational fit for the digital advertising world. Its technology could contribute to a fraud-free, transparent and brand-safe media landscape made from fully-verified trading partners.
One major benefit of blockchain technology in the digital advertising scenario lies in its potential to enable trust, consensus and seamless collaboration between buyers and sellers.
Smart Advertising Transaction Token (SaTT) jumps on a journey to disrupt the advertising industry with a business model that leverages Ethereum’s smart contract system in a distributed and decentralized manner.
The Future of Advertising Intelligence is Here
From a conventional perspective, advertisers can use different tools to track, analyze, quantify and publish ad campaigns. Their brand’s message can be spread across branded and co-branded websites, rich media campaigns, brand content, influencer marketing, and more.
To streamline the process and ensure transactional transparency, ’s utility token enters the scene with a value proposition that could disrupt the advertising industry as we know it. Developed on the Ethereum network, the platform is regulated by a smart contract system to facilitate advertisement broadcasting based on performance objectives.
To advertisers, this translates to increased ad visibility, organic traffic and sales opportunities. At the core of the SaTT project lies the American app development company which specializes in developing apps for different social networks including Facebook.
A Safe Haven for Advertisers
After studying over 4 mln pages that use ATAYAEN’s iFrame suite of apps, the team realized that all of their customers have a universal goal: to maximize awareness and penetration of their brand, services, products or promotional offers.
To cater to their customer’s needs, ATAYAEN developed the SaTT token; a Blockchain-based utility token that pursues the evolution of a campaign on platforms like Google Analytics, Facebook Analytics or Instagram via oracle module connections.
By using SaTT, advertisers are guaranteed their campaigns are both secure and transparent, and consumers get exclusive access to events and products in exchange for SaTT tokens. All transactions performed on the platform are governed by the SaTT smart contract system, where distributed decentralized records are held on the Blockchain. To prevent ad fraud, the SaTT smart contract is ruled by modules held by independent individuals secured by the Ethereum network.
Following the successful completion of its pre-sale in less than 24 hours, SaTT kickstarted its crowdsale and initial distribution of SaTT tokens, which will end on July 1. The tokens in the initial coin offering are priced at $0.42.
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