Regulatory criticism, internet problems disrupt Spain’s biggest crypto event

Ahead of Thawani’s presentation, attendees listened to panels featuring companies such as FTX, KuCoin and Waves; European economists; crypto influencers including Brock Pierce; and even a delegation from El Salvador. The pageant-like event also included a car giveaway, a magic show and crypto-hazard interludes.

What does it take to organize such a large-scale event during a bear market? In this case, 2 million euros and regulatory intervention.

A few days before the event, Spain’s National Securities Market Commission (CNMV) issued a warning to Mundo Crypto and its sponsors, reminding them that they “are not licensed to advise on financial instruments or broker investment transactions.”

Mundo Crypto has had a place on the CNMV’s “grey list” since July 2021, which includes entities not registered with the regulatory body “that can carry out any type of fundraising activity or provide a financial service.”

Thawani told Blockworks that the resulting media attention had both positive and negative effects. “Thanks to all the news that has been published, we have managed to make the crypto industry more known and start to create more curiosity. The negative is that many speakers and sponsors dropped due to media and political pressure,” he said.

Binance and PlayStation pulled out as sponsors at the last minute. Police and paramedics were parked outside the WiZink Center during the nearly 7-hour “Metaverse Day”.

Despite the controversy, some attendees found the event — tailored for consumers new to crypto — to be refreshing.

Unlike crypto events like ETHBCN or Solana Breakpoint, which center developers, the Mundo Crypto event focused on a beginner who is researching cryptocurrencies, who has friends who have talked about it, or who follows some influencer, says Xavier Molina. , FTX’s head of the Iberia region, told Blockworks.

“I think they wanted to put on a show and they did,” he said. “It was the biggest cryptocurrency show ever staged in Spain. Most of the criticism came from the crypto community itself, mostly veterans. But they must understand that it had a different target group.”

Sasha Ivanov, CEO and founder of the Waves protocol, offered some advice to blockchain newbies attending the event: “Stop shopping so much. Instead, pick a project you like and understand how it works. Join the community.”

“Blockchain technology must be used every day, not just for commerce. The next step is to make blockchains ubiquitous,” he added.