Belgium: Implemented FSMA Regulation subjecting to restrictive conditions the marketing of virtual currencies to consumers

On 17 May 2023, the Regulation of the Belgium Financial Services and Markets Authority (FSMA), subjecting to restrictive conditions the marketing of virtual currencies to consumers, was implemented. The Regulation outlines transparency obligations for entities marketing or advertising virtual currencies, such as Bitcoin or Ether, to customers in Belgium. In particular, the Regulation requires advertisements to include a disclaimer outlining the risks of cryptocurrency investments and provide accurate information. Furthermore, the entities must notify the FSMA 10 days before conducting promotional mass media campaigns regarding cryptocurrencies that would reach more than 25'000 persons.