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The CNMV will form a special ‘brigade’ to short-tie cryptocurrencies

The National Securities Market Commission (CNMV) is preparing to set up a special ‘brigade’ to short cryptocurrencies. The supervisor is working on a plan to reinforce the workforce to increase its vigilance against the fever of crypto assets, a process that will be carried out in several phases and that will offer around thirty jobs in the coming months, according to sources. knowledgeable about the process consulted by La Información.

The booming interest in the cryptocurrency business and the process of regulating operators who want to exploit the Spanish market has led the CNMV to address the stumbling block of the lack of personnel, in order to strengthen its exhaustive supervisory work. To continue with this work, the body that presides over Rodrigo Bonaventure needs the approval of the Government. Thus, the supervisor hopes to gain a foothold in the public employment offer and obtain the approval of the Ministry of Finance, which he directs. Maria Jesus Montero.

The idea of ​​the CNMV is to launch different calls for employment. The first and largest (more than twenty seats) will be aimed at lawyers and economists who will apply for swell the body of technicians of the Commission. The stock market supervisor plans to complement the call with another offer of around five positions for data analysts. There will be one more quota for administrative staff and Human Resources specialists. Total, the number of vacancies in the running will exceed thirty.

The organization that Buenaventura leads has diligently assumed its new role as sentinel of the ‘crypto’ market, in fact, it maintains a powerful mark against an increasingly significant volume of unauthorized entities (exchange in the jargon). Not without difficulties. Given that this additional task has not been accompanied by an increase in resources, the supervision of this financial activity has been assumed by general directorates and departments that They have been combining this responsibility with their usual duties for months.

One of the most important tasks that the supervisor is charged with is the control of advertising campaigns for crypto assets. In January, the CNMV published a circular that developed a series of control mechanisms and procedures against the advertising of these investment products. The Investors Department, dependent on the legal area, is responsible for compliance with this circular for which has less than a dozen professionals assigned. Since the entry into force of the circular, in mid-February, nearly 120 advertising pieces in more than 20 files. To this must be added the resolution of queries received by the supervisor in relation to the new framework.

To date, the supervisor has analyzed 120 advertising pieces from different cryptocurrency platforms, following the mandate of the circular approved in February

The supervisor also has a sub-directorate dedicated to the fintech and cybersecurity sector, transformation vectors of the financial sector closely linked to the ‘crypto’ ecosystem. Also here the staff is tight. However, to ensure that the cryptocurrency platforms prepare their landing in Spain with full guarantees for the investor, specialists from practically all areas of the supervisory body -from Entities and Markets to the Legal Service and Strategic Policy- have turned to the surveillance of virtual currencies.

The CNMV’s project to consolidate a special team to grease the gears of the surveillance operation against the ‘crito’ is encouraged by the ever closer approval of the European Regulation on issuance and provision of services on these products, baptized as MiCA. The European Parliament gave the green light last week to the final version of its proposal for said regulationwhich will still have to go through a long administrative journey until it comes into force, which is not expected until 2025. In any case, the fact that the European authorities have slipped the keys to said document has put the CNMV on guard, where a notable increase in interest in ‘crypto’ is expected.