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THE MUNDOCRYPTO group — which is organizing a massive event on cryptocurrencies for Saturday in Madrid — has responded to the alert issued by the stock market regulator and has defended that it only seeks to “educate” the population to put an end to the “centralized dictatorship” of banking and a “traditional and obsolete” system.
Mani Thawani (CEO of the company) released a video on Wednesday, arguing that the event only “annoys” those who “want to preserve their privileges”, who “speak now” despite the fact that they remained silent before the public rescue of Bankia or the financial crisis of 2008.
Mundocrypto expects to bring together more than 7,000 people at the WiZink Center in Madrid on Saturday to publicize news and trends in the sector, with the additional claim of popular economists, artists and presenters.
This video is released one day after the National Securities Market Commission (CNMV) in Spain warned on Tuesday that the organizing company and some sponsors do not have authorization to provide investment services or raise funds, an alert echoed by a multitude of media.
Thawani also criticizes certain media groups for being opposed to holding the event, which ultimately, he says, seeks to educate in favor of a “massive and responsible adoption” of cryptocurrencies to end banking “fees and abuses”.
The organizing firm, which defines itself as “the largest cryptocurrency training academy in Spain and the third in Europe”, has been part of the CNMV’s gray list, since July 2021, made up of entities that could be raising funds or providing services of a financial nature without any kind of permission or being registered with the regulator.
In addition, some sponsors of the event such as Huobi, Bitget and Bybit have been warned by the entity for not being registered to offer investment services.
“We hope that at this event and the experts and celebrities who present and intervene, the attendees are properly informed about the risks of investing in crypto assets,” the CNMV said, “especially now that so many investors are seeing their money disappear for investing on these assets.”
The CNMV and the Bank of Spain have warned on numerous occasions about the risks involved in investing in crypto assets, but the absence of regulation prevents supervisory entities from acting with them as with other conventional assets.
Editor’s note: The quotes featured in this article were originally published in Spanish, then translated to English and edited for publication.