New advertising rules for cryptocurrency will come into force in Belgium from today

Belgium has already issued new advertising rules for cryptocurrency in March, 2023 and new regulations for cryptocurrency will implement today. The new rules are aimed at increasing transparency and preventing money laundering. The regulations require all cryptocurrency service providers to register with the Belgian Financial Services and Markets Authority (FSMA). Failure to comply with the new regulations could result in fines or even criminal prosecution.

Belgium's move to regulate cryptocurrency follows similar actions taken by other countries around the world. The increasing popularity of cryptocurrencies has raised concerns about their potential use for illegal activities such as money laundering and terrorism financing. The new regulations in Belgium aim to address these concerns and ensure that cryptocurrency is used in a safe and transparent manner.

The Belgian Financial Services and Markets Authority (FSMA) has announced a new regulation to limit the commercialization of virtual currencies in Belgium, on 21 March 2023. As per the law, which was published in the Belgian State Gazette on 17 March the new regulation will enter into force from 17 May, 2023.

The new rules about digital currency issued by FSMA are :

• Ensure that the advertisement is correct and not misleading

• Essential warnings to be included in advertisements related to cryptocurrency

• Prior notification to the FSMA of mass campaigns.

Any advertisement that comes under “mass campaign advertisement” must be notified to the FSMA at least 10 days before the campaign begins. This will be the case if the advertisement is visible from a public road or at a place that the general public can access, via a public website, or on a social network (like Instagram or TikTok) by a user who at the time of the communication has at least 25,000 followers on the network or who pays the social network for the promotion of the communication. According to the new rule, each advertisement has to display the following disclaimer: “Virtual currencies, real risks”. The only guarantee in crypto is risk.

About FSMA

The Belgian Financial Services and Markets Authority (FSMA) is the regulatory body responsible for overseeing financial services and products in Belgium. It was established in 2011 and is responsible for supervising and regulating the Belgian financial sector, including banks, insurance companies, and investment firms. The FSMA aims to ensure the stability and integrity of the financial system, protect consumers, and promote fair competition. It also works closely with other European regulatory bodies to ensure consistency and cooperation across the EU.

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