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 this week 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 youths, into investing in cryptocurrencies without full knowledge of the possible consequences.

Mundocrypto founder Mani Thawani, a Spaniard, has defended the event, arguing that it is for educational purposes and to guide people financially.

Mundocrypto describes itself as "world leader in crypto and blockchain education" and says 55,000 of its students have already become investors.

The CNMV says Mundocrypto is on its grey list of entities suspected of raising funds and providing financial services without permits.

Organizers say the show is aimed unveiling new trends in the sector. Show business personalities and economists are also expected to take part. Two well-known television personalities have pulled out of the event since the market regulator's warning.

Earlier this year, a number of families complained to authorities that another cryptocurrency academy was brainwashing their children into spending their money on courses with promises they would become wealthy.

Investments in cryptocurrencies, such as bitcoins, have boomed in recent years but in several cases currencies have lost their value quickly and people their investments in what is an unregulated market.