Oluwapelumi Adejumo writes that companies sponsoring crypto ads in Belgium must submit to its financial regulator FSMA prior to any campaign.
Finance magnates in Belgium reported that the Financial Services and Markets Authority of Belgium (FSMA), is set to implement a new set crypto ad regulations by May 17th.
The Official Gazette of Belgium published 17 March stating that crypto ads must be accurate and include mandatory risk information. Before any mass campaign, the advertiser must submit the advertisement to FSMA. This means that ads targeting more than 25,000 customers must be submitted.
Jean-Paul Servais, chairman of FSMA, reportedly stated.
“To better protect consumers the FSMA is increasing the pace in financial education and supervision. The new regulation will allow the FSMA to verify that advertisements for virtual currency are not misleading or accurate, and to warn consumers of the risks involved.
Recent FSMA market research revealed that crypto investors in the country are mostly in it for the money. 80% of them are men. Investors have not been discouraged by the recent collapse of FTX or the inadvertent cryptocurrency market winter.
Belgium is the latest European country that has introduced new regulations on crypto ads. Other countries, such as the United Kingdom, have also placed restrictions upon crypto ads.
Johan Van Overtveldt, a former minister of the nation, recently called to ban cryptocurrencies in light of recent turmoil within the banking sector.
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