Regulation on the distribution of virtual currencies to consumers in Belgium

The FSMA has recently hosted a webinar that focused on the Regulation of 5 January 2023, which entails imposing restrictive conditions on the distribution of virtual currencies to consumers. The FSMA emphasized the significance of providing relevant information to stakeholders operating in this sector.
As a reminder, the Royal Decree of 5 January 2023 approved the FSMA Regulation of 5 January 2023 in its Annex, subjecting the marketing of virtual currencies to consumers to restrictive conditions regarding advertising of virtual currencies in Belgium. The FSMA regulation establishes certain obligations that must be respected in advertising for the commercialization of virtual currencies to consumers, whether as a habitual or occasional professional activity, and regardless of the form or mode of advertising. The regulation defines the term „advertisement“ and „mass campaign“ and sets out rules for the content of advertising, including that the information contained in advertising must not be misleading or inaccurate, and advertising must include certain mandatory disclosures and warnings. The regulation also provides that it does not apply to the commercialization of virtual currencies that constitute investment instruments, as defined by the Prospectus Law. The regulation will enter into force on 17 May 2023, hence 2 months after its publication (please see event#20149 for further details).
Notably, the webinar was attended by various crypto platforms and influencers, and its presentation slides is accessible for interested parties. The presentation is divides into nine parts as follows:
1. Who is the FSMA?
2. Why has the FSMA issued this Regulation?
3. What has been the legislative process?
4. When does the Regulation enter into force?
5. What is the scope of the Regulation?
6. Which content rules and mandatory statements apply?
7. What does the prior notification for mass media campaigns entail?
8. Which information needs to be stored during at least one year?
9. How will the FSMA supervise the Regulation?