New rules on advertisements for virtual currencies enter into force

The FSMA informs that it has implemented the Royal Decree of 5 January 2023 concerning the advertising of virtual currencies to consumers.
This FSMA Regulation, which was annexed to the Royal Decree of 5 January 2023 and published in the Belgian Official Gazette on 17 March 2023, entered into force on 17 May 2023.
The FSMA Regulation introduces several obligations for advertisers of virtual currencies. Advertisements must adhere to rules regarding their content to ensure accuracy and prevent misleading information. Additionally, mandatory statements must be included, such as the concise warning „Virtual currency, real risks. The only guarantee in crypto is risk.“ Moreover, a more detailed warning summarizing the primary risks associated with investing in virtual currencies is required.
Advertisers are also obliged to notify the FSMA of all advertisements intended for a mass media campaign at least 10 days prior to their dissemination, in the exact format in which they will be published.
Starting from 17 May 2023, all new advertisements related to the distribution of virtual currencies to consumers must comply with these regulations, regardless of the advertising channel used (e.g., social media, internet sites, physical media).
The FSMA Regulation includes a transitional regime for advertisements that were already disseminated before the Regulation’s entry into force. These existing advertisements must conform to the Regulation by 17 June 2023. Notably, this applies to websites or mobile applications of service providers that facilitate transactions on a platform and were already in circulation on 17 May 2023.