MundoCrypto, the organizing platform of the meeting, defends that they will not encourage attendees to invest, but the existence of financial bars among the sponsors is causing alarm from the regulator
Mass adoption. It is the motto under which the controversial ‘Metaverse Day’ will take place next Saturday in the Wizink Center in Madrid. An event expected to be attended by 7,000 people interested in the world of crypto assets and has been surrounded by controversy since the National Securities Market Commission (CNMV) targeted MundoCrypto, the organizing company.
Three of the act’s sponsors (Bybit, Huobi and Bitget) are considered financial bars by the regulator. And MundoCrypto itself is on the so-called ‘grey list’, which has caused companies such as Playstation or Coca Cola to step off the event bandwagon, as well as famous faces such as Cristina Pedroche or Jorge Fernández, who was initially responsible for the presentation of the event.
The mastermind of this platform is Mani Thawani, a canary of Indian descent who, just a few hours ago, expressed during a press conference forced by the noise generated that he felt “hurt” by the treatment received in recent days. He defends that his company does not offer consultancy or investment services, but training – which, he indicated, will prevail at Saturday’s event – so that it does not require a CNMV license to operate.
As he insisted, every aspect related to the investment world will remain in the event. But the CNMV fears that the act itself will attract small investors to this market segment that could be the perfect breeding ground for fraud due to the lack of regulation. A recent survey by the regulator itself showed that, without going further, 40% of cryptocurrency holders mistakenly believe that this asset class is regulated in Spain. Really just your advertising. And on very limited terms.
All this does not mean that the event to be held in Madrid on Saturday is illegal and that it has undoubtedly had a much more vigorous marketing campaign than expected due to all the noise generated today. Not much less.
But the regulator wanted to withhold the risk of these investments given the potential profile of those present. The main fear of the CNMV is that the meeting will be attended by retail investors who eventually enter this world without any previous education. Tawani, on the other hand, defends that his goal is to help regulators on this point. “We want to be the right arm of the regulators,” he assured this week.
“80% of the people who come are professionals and over 25 years old. Minors must be accompanied by an adult. And many of them, especially licensed ones, “defend against the firm.
At this time, the event’s website has removed the final program due to the last-minute casualties caused by the controversy. It is known that there will be a roundtable in which renowned economists such as Daniel Lacalle or Juan Ramón Rallo will participate, as well as analysts such as Pablo Gil who indicated through his social networks on Wednesday that “we have warned for years of the risks of investing in this type of asset and this round table will allow us to tell it directly to a public interested in these investments, but most of whom do not know what it entails and what risks it entails, in addition, to give our opinion on the economic situation and the project for the metaverse.”
Source: La Verdad
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
