Belgium’s Financial Services and Markets Authority (FSMA) has announced new rules to warn consumers of the risk involved when investing in currencies.
The Belgian regulator will require adverts to include the phrase “Virtual currencies, real risks. The only guarantee in crypto is risk” and display a broader warning detailing the wider risks of investing in cryptocurrencies.
The new regulations, which will come into force in two months, will require crypto companies to notify the FSMA of planned mass media campaigns. All adverts will have to meet a set of criteria, including being written in language that is easy to understand.
The FSMA is also investing in financial education about virtual currencies, which includes a series of four educational videos designed to appeal to young people.
Commenting on the news Jean-Paul Servais, chairman of the FSMA, said: “Some consumers want to earn money quickly by trading in virtual currencies. This goes hand in hand with great risks. In order to better protect consumers, the FSMA is stepping up the pace when it comes to supervision and financial education.”
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