The Belgian Bureau of Financial Information Services and Market Supervision (FSMA) will have a new right to control the advertising of virtual currencies, and the new rules will come into effect on May 17th. In order to prepare its new characters in advance, the agency commissioned a survey of investors.
The new rules will include three aspects. First of all, this will provide for accurate and clear language expression, and there is no return statement of future use value. Secondly, all advertising campaigns will also have mandatory warnings:
"Virtual currency, real risk. The only guarantee in the password is risk.
In addition, "a wider range of warnings should summarize various risks in more detail."
Finally, the target group of 25000 or more activities (large-scale theme events) must be submitted to the FSMA at least 10 days in advance so that FSMA can intervene before the specific start of the theme event if necessary.
FSMA will also use its Wikifin financial education core to promote cultural and educational diligence. In order to prepare its new character in advance, FSMA commissioned a survey of 1000 Belgian investors in November 2022 who allocate money to investment wealth management products outside deposits, term deposits and pension accounts.
Related: Belgium says BTC, ETH and other scattered coins are not securities
In the 16-29 age group surveyed by the organization, more than 1/3 (34 per cent) of investors bought virtual currencies, but in the 50-59 age group, that proportion fell to 11 per cent. Men account for 80% of the buyers. Investors are concentrated in Flanders (63%), with only 22% living in Walloon dogs and 15% in Amsterdam.
The investment in password projects is usually smaller than the average total investment, with only 15% of investors with passwords worth more than 10,000 euros and 31% with passwords worth less than 500 euros. Compared with traditional investors, password investors rely more on the advice of good friends, relatives, applications and "intelligent robot proposals".
FSMA gradually controlled the cryptocurrency exchange in May 2022. The United States has recently tightened its advertising rules on data encryption.
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