Belguim’s financial regulator, the FSMA, recently granted authority to oversee crypto / virtual currencies is introducing new rules governing the advertisements for these currencies, coming into force on 17th May 2023.
The FSMA states “Virtual currencies are all the rage at the moment, but they involve considerable risk. There is no legal framework yet governing these products, and they have no underlying assets in the ‘real’ world. They are often subject to wild price fluctuations and are vulnerable to fraud and IT-related risks.”
The Regulation has three main aspects:
- The basic principle that advertisements must be accurate and not misleading
- Advertisements must contain mandatory information that points out the risks
- Mass media campaigns must be notified to the FSMA in advance