Belgian FSMA surveys crypto buyers earlier than taking up new advert regulation authority

The Belgian Monetary Companies and Markets Authority (FSMA) may have new powers to oversee digital foreign money promoting when a brand new regulation comes into power on Could 17. In preparation for its new position, the company commissioned a survey of buyers.

The brand new regulation may have three features. First, it would require accuracy and clear language, with no statements on future returns of worth. Second, there might be a compulsory warning on all promoting:

“Virtual currencies, real risks. The only guarantee in crypto is risk.”

As well as, a “broader warning should sum up the various risks in greater detail.”

Lastly, campaigns with a target market of 25,000 or extra (mass campaigns) should be submitted to the FSMA no less than 10 days upfront “to enable the FSMA to intervene, if necessary, before the campaign actually begins.”

The FSMA can even enhance instructional efforts by its Wikifin monetary schooling middle. In preparation for its new position, the FSMA commissioned a survey of 1,000 Belgian buyers 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 buyers 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 had 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 buyers holding greater than 10,000 euros price of crypto and 31% holding lower than 500 euros price. Crypto buyers had been extra depending on the recommendation of associates, household, apps and “robo-advice” than conventional buyers.

The FSMA started regulating cryptocurrency exchanges in Could 2022. The UK additionally not too long ago imposed tightened necessities for crypto promoting.

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