In brief

The Belgian Financial Services and Markets Authority (FSMA) has introduced stricter rules for commercializing virtual currencies, such as Bitcoin or Ether, among consumers in Belgium. Among others, advertisements must contain the disclaimer “Virtual currencies, real risks. The only guarantee in crypto is risk.” In addition, mass advertising campaigns to more than 25,000 people must be notified to the regulator 10 days in advance.

Key takeaways

On 17 March 2023, the Belgian royal decree of 5 January 2023 approving the regulation of the FSMA that imposes restrictive conditions on the commercialization of virtual currencies among consumers (“FSMA regulation“) was published in the Belgian State Gazette.

The FSMA regulation tightens the rules around the commercialization of virtual currencies, such as Bitcoin or Ether, among consumers in Belgium. As a rule of thumb, information contained in virtual currencies advertising may not be misleading or inaccurate. In addition, advertisements must contain the disclaimer “Virtual currencies, real risks. The only guarantee in crypto is risk.” Mass advertising campaigns addressed to more than 25,000 people must also be notified to the regulator 10 days in advance. The FSMA regulation enters into force as from 17 May 2023.

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