María was interested in investing, but her lack of financial knowledge held her back from making any moves. One day, she saw a video on TikTok from an influencer she had been following for some time, recommending a new cryptocurrency that promised high returns. Without hesitation, she invested in it—only to discover it was a scam that cost her her savings. María isn’t a real person, but like her, thousands of consumers are affected by similar situations due to insufficient financial education.
The proliferation of fininfluencers, as these content creators with thousands of followers focused on financial education are known, has significantly increased the exposure and accessibility of investment products for retail investors. This wouldn’t be a problem if it weren’t for the parallel rise in people falling victim to scams, high-risk investments, and the resulting capital losses—as illustrated in the example above.
In response to the changing financial landscape, the National Securities Market Commission (CNMV) has designed an Activity Plan for 2025, outlining several strategic initiatives to continue improving national financial services, while adapting to innovations such as artificial intelligence and the emergence of new assets like cryptocurrencies, which require specific regulation—with MiCa being the first framework for this purpose. The CNMV’s measures aim to strengthen oversight and financial education, fostering a safer and more transparent market for retail investors, many of whom have limited financial literacy. These actions are essential to building investor trust and ensuring the sustainable development of the financial system.
Crypto-assets and influencers in the spotlight for retail investor protection
As part of this strategic plan, both crypto-assets and fininfluencers are beginning to be regulated and recognized as players in the investment world, with all the implications that brings. Back in 2022, the CNMV had already begun monitoring the activity of these content creators to prevent the dissemination of content that violated established rules. In 2025, the CNMV will again oversee compliance with investment recommendation regulations, with the aim of protecting the end consumer.
To help clarify the nature of this new content landscape, a guide on fininfluencers will be published. It will explain who they are, the role they play, their impact on decision-making, and highlight the importance of financial education. The goal is to help retail investors identify potential risks and make informed decisions.
Another area where the CNMV intends to step up its efforts is in financial education and combating financial fraud. In the same vein, it highlights its focus on “monitoring product and service marketing strategies aimed at retail investors, especially those involving newly regulated products like crypto-assets.”
Financial education: a cornerstone of retail investor protection
Institutions and regulators are increasingly emphasizing the importance of financial education for retail investors as a key element in maintaining the balance of the financial ecosystem. Digitalization has caused changes at every level—from product offerings to how we invest, and of course, how we access different assets. An informed consumer will make better decisions and be more protected from the risks associated with this shift.
Financial education isn’t just about knowing how to invest—it’s also about understanding which step to take at each moment, and having a long-term plan that improves your quality of life: tailoring investment strategies to your personal profile, setting realistic goals, avoiding over-indebtedness, or developing an investment plan that ensures long-term financial stability and peace of mind.
How will investors notice these changes?
The CNMV’s implementation of these measures will undoubtedly result in a more mature market, increased trust among retail investors, and give financial institutions the opportunity to adapt to a more informed and conscious consumer. However, it’s worth noting that the digital landscape continues to evolve—artificial intelligence appears poised to be a major game changer in the coming years—and ongoing adaptation will be key to the effectiveness of these strategies.
For investors, the implications are significant. On one hand, the new measures will offer greater protection against the volatility and complexity of many unregulated products, which are often promoted in misleading ways and prevent investors from making decisions with full guarantees. On the other hand, we can expect more regulation and entry barriers for accessing certain assets like cryptocurrencies. Nonetheless, the availability of regulated products that don’t require large investments—such as crowdfunding projects, in the specific case of Urbanitae—will continue to play a prominent role in alternative asset investing for retail investors.
What other changes can be expected?
The way we receive and process information is also changing. Fininfluencers will now be required to disclose whether their recommendations are sponsored and must comply with regulations—giving consumers more confidence and helping them develop critical thinking skills to distinguish between impartial and promotional content.
From a market perspective, these changes will also bring greater balance to the digital ecosystem and likely encourage more retail activity. When it comes to investment funds, data from Inverco shows that the number of retail participants has grown by 6.57% so far this year, and has doubled over the past decade. This growing investor appetite is likely to spread to other asset classes, driven by the trend toward greater retail investor protection and a rising desire to grow one’s savings.
