New FSMA Regulation: Rules governing advertisements for virtual currencies

The Financial Services and Markets Authority (FSMA) was granted a new power by the government to regulate advertisements for virtual currencies. The FSMA issued a Regulation to this end that was published on 17 March 2023 in the Belgian Official Gazette (Moniteur belge/Belgisch Staatsblad) and will enter into force on 17 May 2023. 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

More info in the press release by the FSMA, and in the slides of a webinar they organised on 19 April 2023.

All advertisements must also contain this warning: "Virtual currencies, real risks. The only guarantee in crypto is risk." 😅

Photo by CardMapr.nl on Unsplash