Belgium’s Financial Services and Markets Authority (FSMA) is set to introduce a new set of crypto ad regulations by May 17, Finance Magnates reported on March 20.
Belgium’s Official Gazette published on March 17 showed that the crypto ad must be accurate and contain mandatory risk information. The companies sponsoring the advert must submit it to FSMA before any mass campaign — this means that adverts targeting at least 25,000 customers must be submitted to the regulator.
FSMA’s chairman Jean-Paul Servais reportedly said:
“To better protect consumers, the FSMA is stepping up the pace when it comes to supervision and financial education. Thanks to the new regulation, the FSMA will be able to check whether advertisements for virtual currencies are accurate and not misleading and whether the advertisements contain the compulsory warnings of risk.”
Recent FSMA market research revealed that crypto investors in the country are mostly in it for the money. 80% of them are men. Investors have not been discouraged by the recent collapse of FTX or the inadvertent cryptocurrency market winter.
Belgium is the latest European nation to adopt new crypto ads regulations. Crypto ads are also restricted in other countries, such as the United Kingdom.
Johan Van Overtveldt was a former minister in the country and has recently called for a complete ban of cryptocurrencies due to the turmoil in the banking industry.