Belgium: Adopted Royal Decree approving the Regulation of the FSMA subjecting to restrictive conditions the marketing of virtual currencies to consumers

On 5 January 2023, the Regulation of the Belgium Financial Services and Markets Authority (FSMA), subjecting to restrictive conditions the marketing of virtual currencies to consumers, was adopted through Royal Decree. The Regulation aims to regulate virtual currencies' advertising and marketing campaigns, such as Bitcoin or Ether, to customers in Belgium. In particular, the Regulation would require advertisements to include a disclaimer outlining the risks of cryptocurrency investments and provide accurate information. Furthermore, the entities would be required to give 10 days prior notice to the FSMA before conducting promotional mass media campaigns regarding cryptocurrencies that would reach more than 25'000 persons.