Belgium is introducing new regulations in cryptocurrency advertisements with its new decisions.
New decisions in Belgium require that the country’s financial regulator be notified so that crypto ads are not accurate and deceptive.
New Practices for Crypto Ads in Belgium
With the new decision taken by Belgium, it aims to protect users. Crypto ads in Belgium must be accurate and alert investors to the risks under new laws announced by the country’s financial regulator.
The mandate, published in Belgium’s Official Journal on Friday, means that any mass media campaign to promote the digital currency must be submitted to the Financial Services and Markets Authority (FSMA) 10 days in advance, allowing the regulator to intervene if necessary.
The FSMA used the following statements in its statement:
“Virtual currencies are very popular right now, but they involve significant risk. They are often subject to severe price fluctuations and are vulnerable to fraud and IT-related risks.”
The new rules, which will come into effect on May 17, require ads to state that the only truth in crypto is risk. Belgium joins European countries such as Spain and the United Kingdom, which impose restrictions on promotional campaigns. These restrictions, on the other hand, often mirror those already in place for traditional finance.
60389
