The CNMV fears the attendance of retailers to the cryptocurrency macro event in Madrid

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MundoCrypto, the organizing platform of the meeting, defends that they will not encourage the attendees to invest, but the existence of financial bars among the sponsors triggers the alarms of the supervisor

AC Madrid

Mass adoption. It is the motto under which this Saturday the Wizink Center in Madrid will host the controversial 'Metaverse Day'. An event that is expected to be attended by 7,000 people interested in the world of crypto assets and that has been surrounded by controversy since the National Securities Market Commission (CNMV) focused on MundoCrypto, the organizing company.

Three of the sponsors of the act (Bybit, Huobi and Bitget) are considered as financial bars by the supervisor. And MundoCrypto itself is on the so-called 'grey list', which has caused companies such as Playstation or Coca Cola to get off the event bandwagon, as well as famous faces such as Cristina Pedroche or Jorge Fernández, initially in charge of presenting the event.

Reserves of 47 euros and a challenge to the CNMV: the controversy behind MundoCrypto

The brain of this platform is Mani Thawani, a canary of Indian origin who just a few hours ago, in a press conference forced by the noise generated, expressed feeling "hurt" by the treatment received in recent days. He defends that his company does not offer advice or investment services, but training - which, according to him, is what he will prioritize at Saturday's event - so he does not need a CNMV license to operate.

As he insisted, any aspect related to the world of investment will be residual in the event. But from the CNMV they fear that the act itself will attract small investors to this segment of the market that, due to its lack of regulation, can be the perfect breeding ground for fraud. A recent survey by the regulator itself showed that, without going any further, 40% of cryptocurrency holders mistakenly believe that this asset class is regulated in Spain. Actually, only your advertising is. And on very limited terms.

None of this implies that the event that will be held on Saturday in Madrid is illegal and that, without a doubt, it has had a much more powerful marketing campaign than expected due to all the noise generated these days. Not much less.

But the supervisor wanted to remember the risk of these investments given the possible profile of the attendees. The great fear of the CNMV is that the meeting will be attended by non-professional investors who end up entering this world with hardly any prior training. Thawani, however, argues precisely that his goal is to help regulators on this point. "We want to be the right arm of the supervisors," he assured this week.

“80% of the people who will come will be professionals and over 25 years old. Minors must be accompanied by an adult. And many of them, surely licensed, "they defend from the firm.

At the moment, the website of the event has deleted its final program, due to the last minute casualties due to the controversy generated. It is known that there will be a round table 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, indicated on Wednesday that "we have been warning 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 that is interested in these investments but most of whom are unaware of what it consists of and what risks it entails, in addition to giving our opinion on the economic situation and the project for the metaverse."

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