What are the new crypto ad regulations that Belgium is set to introduce?
Belgium’s Financial Services and Markets Authority (FSMA) is set to introduce new crypto ad regulations by May 17. According to Finance Magnates, the Official Gazette of Belgium published on March 17 showed that the crypto ad must be accurate and contain mandatory risk information. Companies sponsoring the ad must submit it to FSMA before any mass campaign, meaning adverts targeting at least 25,000 customers must be submitted to the regulator.
Why is FSMA introducing these regulations?
FSMA is introducing these regulations to protect consumers and step up its pace of supervision and financial education. The new regulations will allow FSMA to check whether advertisements for virtual currencies are accurate and not misleading and whether the advertisements contain the compulsory warnings of risk.
What did FSMA’s market research show about crypto investors in Belgium?
According to a recent FSMA market research, most crypto investors in Belgium are in it for the money, and 80% are men. Despite the recent collapse of FTX and the inadvertent crypto market winter, investors have not been deterred.
Are other European countries also imposing restrictions on crypto ads?
Yes, other European countries like the United Kingdom have also imposed restrictions on crypto ads.