Belgium makes it mandatory to run explicit warnings of risks in Crypto ads

Crypto ads: Belgium Financial Authority has asked the Crypto exchanges to put an explicit warning in their advertisement. The new rules ask the Cryptocurrency firms to run the line, that only guarantees in cryptocurrency are risks. New rules will be made effective on May 17, 2023.

The Financial Services and Markets Authority (FSMA), which was granted powers to control the crypto industry’s marketing, has prepared a new set of rules to protect consumers which includes this action. Additionally, firms will be needed to disclose risks and circumstances and will not be allowed to make future return guarantees in their marketing campaign.

FSMA in their statement revealed that cryptocurrencies involve swift price fluctuations, involve considerable risks, and consumers are often subjected to fraud. Additionally, the crypto firms are required to submit their advertisements ten days in advance to FSMA if the target audience is more than 25,000 viewers, for the authority to inspect and take action, if necessary. The new advertisement restrictions for cryptocurrency are in parallel with the United Kingdom and Spain.

Major cryptocurrencies are trading as follows as of 9 am IST, 21st March 2023:

Bitcoin: $27,797 USD

+1.47%

Ethereum: $1.748 USD

-0.53%

Tether: $1.00 USD

-0.05%

USD Coin: $0.9984 USD

-0.11%

BNB: $334.52 USD

+0.03%

XRP: $0.3814 USD

-0.53%

Dogecoin: $0.07197 USD

-2.97%

Cardano: $0.3388 USD

-0.23%

Polygon: $1.11 USD

-2.54%

Polkadot: $6.15 USD

-2.97%

Tron: $0.06584 USD

-0.72%

Litecoin: $78.77 USD

-3.73%

Shibu Inu: $0.00001055

-1.44%

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