Financial marketing must be fair, clear and not misleading. For crypto-assets, the EU MiCA Regulation sets specific rules.
Legal framework
- Art. 7 MiCAR (EU) 2023/1114: crypto marketing must be identifiable, fair, clear, not misleading and consistent with the white paper
- § 63(6) WpHG: marketing by investment firms must be identifiable as such
- § 302 KAGB, § 12 VermAnlG, Art. 22 Prospectus Regulation: advertising for funds, investments and securities offerings
We have not yet found verified court decisions on MiCAR advertising; the examples below are typical practice cases.
Case examples
“Guaranteed 20 % p.a.”
A token issuer promises guaranteed returns in social media ads that do not match the white paper. This breaches Art. 7 MiCAR and § 5 UWG.
Finfluencer
An influencer promotes a trading app with an affiliate link without labelling or risk warnings. Both the influencer and the provider are at risk.
