Belgium’s financial regulator announces new rules for cryptocurrency ads

• Crypto advertisements in Belgium must now comply with new laws announced on Monday by the country’s financial regulator, the Financial Services and Markets Authority (FSMA). 
• According to the new law, all mass-media campaigns promoting digital currencies must be submitted ten days before distribution. 

Crypto advertisements in Belgium must now comply with new laws announced on Monday by the country’s financial regulator, the Financial Services and Markets Authority (FSMA).

All mass-media campaigns promoting digital currencies must be submitted ten days before distribution, as outlined in powers published in Friday’s edition of Belgium’s Official Gazette, allowing the FSMA to intervene if necessary. Investors were also warned about the potential risks associated with these assets, citing “considerable risk” due to “wild price fluctuations” and “vulnerability to fraud and IT-related risks.” 

Despite the crypto winter or the collapse of crypto exchange FTX, the FSMA study found that the ability to make money quickly was cited as the primary motivation for trading in virtual currencies.

Belgium will implement new rules on May 17th to protect investors from misleading advertising, requiring ads to state that “the only guarantee in crypto is a risk.” This follows in the footsteps of other European countries such as Spain and the United Kingdom, which have already implemented similar regulations for traditional finance. 

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