Belgium: FSMA to monitor crypto ads

In May, from new rules governing the advertisements crypto will come into effect in Belgium. The latter aim at obliging the advertisers to draw attention to the risks.

On Monday, the Belgian Financial Services and Markets Authority (FSMA) announced the upcoming arrival of new rules for the ads referring to the digital assets.

Read:  Kingsway directs a B-series for Bitcoin expert River

Advertisements will now have to be “fair and not misleading” and include a statement calling attention to the risks related to this type of investment. In addition, advertisers will now have to notify the FSMA before launching a campaign in Belgium targeting more than 25,000 people.

The regulatory agency, which will oversee compliance with these rules, justifies their introduction because of “ considerable risks “related to cryptos, arguing that they “do not yet have a legal framework and lack a real-world related underlying.

The settlementpublished in the Moniteur belge on March 17, 2023, will come into force on May 17, 2023according to the announcement.

To further protect consumers, FSMA shifts into high gear on monitoring and financial education […] Thanks to the new regulation, FSMA will be able to check whether advertising for virtual currencies is correct and not misleading and whether it contains the mandatory risk warnings,” commented Jean-Paul Servais, chairman of FSMA.

Follow Corners.en on Twitter, Linkedin, Facebook or Telegram to not miss anything. Register-to our crypto newsletter to receive a news summary every week.

The Best Online Bookmakers October 03 2023

BetMGM Casino