As part of its watchful approach since coin offerings first began proliferating, on March 26, 2019 the Spanish National Securities Market Commission (CNMV) issued a statement confirming that any information alleging that it had approved or authorized fundraising through initial coin offerings (ICOs) was false. The regulator also clarified that such CNMV approval would only come through approval of the related securities prospectus and that, to date, no coin offering prospectus has been approved.

The statement was issued following recent news about fundraising operations through ICOs allegedly authorized or approved by the Spanish markets supervisor.

In the CNMV’s “Criteria on ICOs” issued on September 20, 2018, the supervisor, which has not approved any such offerings to date, left the door open to the possibility of authorizing an ICO prospectus in the future, indicating that “when a prospectus is necessary due to the features of the transaction, the CNMV will make the appropriate adaption and will take into account the principle of proportionality.”