The Financial Services and Markets Authority of Belgium (FSMA), notes a significant growth in the number of ways to spread information about investing in crypto-assets. Recognising the losses incurred by cryptocurrency investors in recent years, measures have been taken to inform consumers of the risks involved.
The new rules provide for advance notification to the FSMA when launching a large-scale advertising campaign, as well as proof of credibility documents. Moreover, all advertising material relating to crypto-assets must contain a warning statement about any potential dangers of investing in these products.
All messages sent to individuals in Belgium for the purpose of promoting virtual currencies, regardless of the media or means of distribution used by the marketing business (including social media such as TikTok and Instagram), must comply with FSMA regulations.
Furthermore, the FSMA has indicated that any data on the company's website or other publicly available resource dedicated to investing in digital assets may be considered as advertising for customer services. Any person receiving remuneration or other benefits for advertising crypto-assets must comply with these new rules, whether they perform these duties regularly or occasionally.
It has become known that Belgian cryptocurrency lending platform Bit4You has suspended its operations due to a lack of liquidity from service provider CoinLoan. It is the only and first crypto-asset lending platform in Belgium.
