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

  • Among the speakers were representatives of FTX, KuCoin, Waves and a delegation from El Salvador
  • A Spanish regulator issued a warning to Mundo Crypto and its sponsors a few days before the event, reminding them that they are “not licensed to advise the broker on financial instruments or investment transactions.”

Spain’s biggest-ever crypto event faced some hurdles last week, including unfavorable press from a regulator and internet problems that thwarted a Guinness World Record bid.

Blockchain education platform Mundo Crypto, host of the event, aims to deliver a live virtual reality (VR) presentation on the upcoming metaverse for earning learning, which aims to transfer its 2D online courses into 3D metaverse offers.

Distribution of virtual reality headsets to attendees | Photo: Ornella Hernandez

Nearly 7,000 virtual reality headsets were distributed to attendees — a stab in the record-breaking for most people using virtual reality screens at once — but internet connectivity issues stymied the company’s plans.

Instead, founder Mane Seconds took the stage in person at the indoor sports arena in Madrid, Spain, rather than as an avatar speaking to the audience through headphones.

“Cryptocurrencies represent freedom,” Thawani said, explaining his vision for “responsible broad adoption.” He intends the Mundo Crypto metaverse to be an “educational and virtual portal to an industry unknown to many.”

In the lead up to the seconds show, attendees heard seminars featuring companies such as FTX, KuCoin, and Waves. Influential European economists in the crypto space including Brock Pierce; Even a delegation from El Salvador. The scene-like event also included a car gift, a magic show, and crypto-risk breaks.

What would it take to put such a big event during a bear market? In this case, 2 million euros and regulatory intervention.

A few days before the event, the Spanish National Securities Market Authority (CNMV) export 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 held a place on the CNMV’s “gray list” since July 2021, which includes entities not registered with the regulator “that can carry out any type of fundraising activity or provide any financial service.”

Al-Thawani told Blockworks that the resulting media attention had both positive and negative effects. “Thanks to all the news published, we have been able to make the crypto industry more famous and start generating more curiosity. The negative is that many speakers and sponsors have fallen due to media and political pressure.”

Binance and PlayStation withdrew from the list of sponsors at the last minute. Police and paramedics were held outside WiZink Center for approximately 7 hours on “Metaverse Day”.

WiZink Center | Photo: Ornella Hernandez

Despite the controversy, some attendees found the event – specifically designed for consumers just getting started with cryptocurrency – refreshing.

Unlike crypto events like ETHBCN or Solana Breakpoint, which center developers, the Mundo Crypto event “focuses on a novice user who is looking for cryptocurrency, has friends who have talked about it, or follows some influencer,” Xavier Molina, FTX director for the Iberia region, told Blockworks. .

“I think they wanted to make a show and they did,” he said. “It was the biggest cryptocurrency show that was shown in Spain. Most of the criticism came from the crypto community itself, mostly veterans. But they should understand that it has a different target audience.”

Sasha Ivanov, CEO and founder of the Waves protocol, gave some advice to the blockchain beginners who attended the event: “Stop trading too often. Instead, choose a project you like and understand how it works. Get involved in the community.”

“Blockchain technology should be used every day, not just for trading. The next step is to make blockchains ubiquitous.”

After the event, the Mundo Crypto team decided to refund the cost of their ticket to buyers – €49.35 – whether or not they attended the event.

The interviews in this article were conducted in Spanish.


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  • Ornella Hernandez

    blockworks

    Reporter

    Ornella is a Miami-based multimedia journalist covering the NFTs, metaverse, and DeFi. Prior to joining Blockworks, she worked for Cointelegraph and also worked for television outlets such as CNBC and Telemundo. She originally started investing in ethereum after hearing about it from her father and hasn’t looked back. She speaks English, Spanish, French and Italian. Call Ornella at [email protected]

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