The Belgian Monetary Providers and Markets Authority (FSMA) may have new powers to oversee digital foreign money promoting when a brand new regulation comes into pressure on Might 17. In preparation for its new position, the company commissioned a survey of traders.
The brand new regulation may have three facets. First, it’ll require accuracy and clear language, with no statements on future returns of worth. Second, there can be a compulsory warning on all promoting:
“Digital currencies, actual dangers. The one assure in crypto is danger.”
As well as, a “broader warning ought to sum up the assorted dangers in better element.”
Lastly, campaigns with a target market of 25,000 or extra (mass campaigns) should be submitted to the FSMA not less than 10 days prematurely “to allow the FSMA to intervene, if needed, earlier than the marketing campaign truly begins.”
FSMA Introduces Guidelines, Launches Academic Video and Sport Module to Defend Customers Investing in Digital Currencies
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The FSMA may also increase academic efforts by means of its Wikifin monetary training middle. In preparation for its new position, the FSMA commissioned a survey of 1,000 Belgian traders in November 2022 who positioned cash in funding merchandise past financial savings, time period deposit and pension accounts.
Associated: Belgium says BTC, ETH and different decentralized cash usually are not securities
Over a 3rd (34%) of traders surveyed within the age group 16–29 purchased digital currencies, with the proportion falling to 11% for the 50–59 age group. Males make up 80% of the consumers. Buyers have been concentrated in Flanders (63%), with solely 22% residing in Wallonia and 15% in Brussels.
Crypto investments tended to be smaller than conventional ones, with solely 15% of traders holding greater than 10,000 euros price of crypto and 31% holding lower than 500 euros price. Crypto traders have been extra depending on the recommendation of buddies, household, apps and “robo-advice” than conventional traders.
The FSMA started regulating cryptocurrency exchanges in Might 2022. The UK additionally lately imposed tightened necessities for crypto promoting.
