Data on losses incurred by cryptocurrency investors over the past couple of years has prompted the Belgian regulator to take steps to better inform consumers about the risks associated with crypto-assets.
The new rules require marketing companies to provide the FSMA with advance notice of the launch of a mass promotion, as well as materials confirming the validity of the information.
In addition, all advertising information about cryptoassets should include a warning about the possible risks of investing in such products.
The FSMA requirements apply to all messages addressed to Belgian citizens and serving to promote one or more virtual currencies, regardless of the medium or means of distribution used by the marketing company (including social networks such as TikTok and Instagram).
Moreover, the very content of a company’s website or any other publicly available information resource about investing in digital assets could be considered by the regulator as advertising for consumers.
The FSMA noted that the new rules cover the activities of anyone who receives remuneration or other benefit in exchange for advertising crypto-assets.
Whether this activity is done on a regular professional basis or on an ad hoc basis.
Earlier it became known that Belgium’s first and only crypto asset lending platform Bit4You announced to suspend operations due to liquidity issues with service provider CoinLoan.