Belgium to Introduce New Crypto Ad Regulations
• Belgium’s Financial Services and Markets Authority (FSMA) is set to introduce a new set of crypto ad regulations by May 17.
• Companies sponsoring crypto advertisements in Belgium must submit it to FSMA before any mass campaign.
• The current market research by FSMA showed that most investors in the country are in it for the money, and 80% are men.
Regulations on Crypto Advertising
Belgium’s Official Gazette recently published that companies sponsoring crypto advertisements must submit them to its financial regulator FSMA before any campaign — this means that adverts targeting at least 25,000 customers must be submitted to the regulator. Additionally, their ads need to be accurate and contain mandatory risk information.
Jean-Paul Servais‘ Statement
Jean-Paul Servais, the chairman of FSMA 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 Developments in Crypto Regulations
Belgium has become one of many European countries introducing new crypto ads regulations; others include UK who have also imposed restrictions on crypto ads. However, a former minister of Belgium Johan Van Overtveldt recently called for a total ban on cryptocurrencies amid turmoil in banking sector.
In conclusion, Belgium is introducing new crypto ad regulations which will help protect consumers from misleading information or risky investment opportunities that may arise from marketing campaigns related to cryptocurrency investments. It remains uncertain if these regulations will reduce investor interest or lead more people into investing into cryptocurrencies during times of economic uncertainty.