FSMA must be informed by crypto companies if they are marketing to more than 25,000 individuals with a promotional campaign.
The FSMA in Belgium is going to start enforcing a new set of regulations concerning the advertising of digital currencies from May 17th, 2023.
The Financial Services and Markets Authority (FSMA) has created three new rules for advertising crypto. Ads must be truthful and not misleading, must include mandatory risk information, and companies must notify the FSMA before any large-scale advertising campaign that targets at least 25,000 people.
Ads must also provide a short warning and a link to a more detailed warning about the risks of cryptocurrencies.
The Chairman of the FSMA, Jean-Paul Servais, said:
Some consumers want to earn money quickly by trading in virtual currencies. This goes hand in hand with great risks. In order 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
Read more: Hong Kong to Regulate Crypto in 2023, 80 Companies Interested (brokerstimes.com)
