Belgium to implement new cryptocurrency promotion rules on May 17th
On March 21, the Belgian financial market regulator, the Financial Services and Markets Authority (FSMA), will implement a new set of cryptocurrency promotion rules within its jurisdiction, which will take effect on May 17, 2023. The new cryptocurrency advertising rules contain three key areas: information must be accurate and not misleading, advertising must contain mandatory risk information, and cryptocurrency companies need to notify FSMA before any large-scale activities. In addition, regulators define a mass event as any promotional activity that a company targets at least 25000 consumers.
Interpretation of this information:
The Belgian financial market regulator, the Financial Services and Markets Authority (FSMA), has announced its new set of cryptocurrency promotion rules that will be effective on May 17, 2023. The rules aim to protect the country’s investors and prevent misleading information about cryptocurrencies from being spread. FSMA believes that cryptocurrency promotion should not be allowed to hide potential risks from investors. Thus, the new rules insist that promotional materials must provide accurate information and not give misleading details.
Moreover, the new rules require cryptocurrency companies to provide a mandatory risk warning in any advertising. The warning will be compulsory and must be included in promotional materials like television commercials, billboards, and social media posts. Investors must also be informed about the risks attached to cryptocurrency trading before commencing any form of cryptocurrency trading.
Before staging any mass activity, cryptocurrency companies must also notify the FSMA, and large-scale events targeting at least 25,000 consumers will come under the jurisdiction of the FSMA. Any company that does not comply with the new rules faces fines and a possible shutdown of operations.
The FSMA regulation aims to increase transparency and protect consumers against cryptocurrency scams, and it recognizes that an increase in cryptocurrency trading often leads to an increase in fraudulent activities. These new measures, therefore, will not only help protect investors but also promote the integrity and credibility of the cryptocurrency market in Belgium.
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