The Community of Madrid assures it “cannot ban” the event because it would be “illegal” after the Ombudsman intervenes
Despite the controversy surrounding the event and the long list of companies and famous presenters who dropped out after warnings from the National Securities Market Commission (CNMV), ‘Metaverse Day’, the cryptocurrencies macro event hosted by MundoCrypto will bring it together Saturday in Madrid up to 7,000 people.
Yesterday, the Ombudsman announced actions for the CNMV and for the Ministry of the Presidency of the Community of Madrid because of the controversy that had arisen. His intent was to find out if Mundocrypto had the necessary licenses to hold it after the regulator warned that crypto assets are not a regulated market and a very risky financial instrument. “The Ombudsman initiated these actions after admitting a complaint from an association expressing concern about this phenomenon, which is widespread among minors and very young adults,” he said in a statement.
The Community of Madrid responded the same Saturday before the event began, assuring it “couldn’t ban it” because they would “invoke the illegality”. It was the adviser to the presidency, Enrique López, who clarified that the regional government has no powers in the “crypto” event. «Faced with an activity that is not regulated but not prohibited, the Community of Madrid cannot prohibit the keeping of this law. If he did, he would be doing something illegal. We are dealing with a rule of law and we must not forget that,” he emphasized.
The event on cryptocurrencies took the spotlight this week after the CNMV recalled that the organizing company, MundoCrypto, “is not licensed to advise on financial instruments or interim investment transactions in financial instruments.”
Three of the meeting’s sponsors (Bybit, Huobi and Bitget) are considered financial bars by the regulator. And MundoCrypto itself is on its so-called ‘grey list’, which has seen companies like Playstation or Coca Cola get off the event bandwagon, as well as famous faces like Cristina Pedroche or Jorge Fernández, who was initially responsible for presenting the act.
Although the organizer has currently removed the program of the event from its website, 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, through his social networks, gave he has been warning for years about the risks of these investments. Several delegates from El Salvador, the first country to use bitcoin as legal tender, will also attend.
The experts consulted express their concern. Alejandro San Nicolás, Professor of Social and Legal Sciences at the International University of Valencia (VIU) explains to this newspaper that the event poses the danger that people without experience or financial knowledge want to enter the world of cryptocurrencies. Moreover, he assures that “it is not the volatility of cryptocurrencies that is the real danger, but investing in something that has nothing behind it.”
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.
