Spanish market regulator warns about cryptocurrency event

MADRID (AP) — Spanish financial authorities are planning to keep a close eye on a major cryptocurrency metaverse event being organized in Madrid this weekend. The CNMV stock market regulator warned that neither the organizers of the event, Mundocrypto, nor the sponsors have authorization to provide investment services or gather funds. The event Saturday at a Madrid concert arena is expected draw 7,000 people. Spanish authorities and the CNMV say such gatherings are often aimed at luring people, especially young people, into investing in cryptocurrencies without full knowledge of the possible consequences. Mundocrypto founder Mani Thawani has defended the event, arguing that it’s for educational purposes.