The Spanish government will closely monitor a cryptocurrency metaverse event being held in Madrid this weekend.
There is no authorization for Mundocrypto nor its sponsors to provide investment services or gather funds, the CNMV stock market regulator warned this week.
It is expected that 7,000 people will attend the event in Madrid on Saturday. The Spanish authorities and the CNMV allege that such gatherings are intended to entice people, especially young people, to invest in cryptocurrencies without fully understanding the dangers involved.
An educator and financial advisor, Mani Thawani, the founder of Mundocrypto, defends the event as educational and informative.
According to Mundocrypto, 55,000 of its students have already become investors as a result of its crypto and blockchain education. Mundocrypto has been listed by the CNMV on its gray list of entities that are suspected of raising funds and providing financial services without a license.
A new trend will be revealed at the show, according to the organizers. There will also be participation from show business personalities and economists.
Since the market regulator’s warning, two well-known television personalities have withdrawn. One cryptocurrency academy recently faced complaints from parents who said their children were brainwashed into spending money on courses with promises of becoming wealthy.
Recent years have seen a boom in investments in cryptocurrencies, such as bitcoin, but in some cases the value of the currencies has fallen quickly, and people have lost their investments.
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