The FSMA Regulation of 5 January 2023 placing restrictive conditions on the distribution of virtual currencies to consumers is intended for advertisements that are disseminated among consumers when distributing virtual currencies in Belgium. Distribution means 'presenting a product or a virtual currency, in any way whatsoever, with a view to encouraging an existing or potential client to purchase, subscribe to, enter into, accept, sign up for or open the product or currency in question'.
Distribution is a broad concept. The following situations, for example, constitute distribution:
- a person holds virtual currencies and advertises them for the purpose of selling to consumers;
- a service provider makes an infrastructure available to consumers that enables them to invest in virtual currencies (e.g. a trading platform) and advertises investment in virtual currencies either via its own communication channel (e.g. the service provider’s website allowing transactions to be carried out on a platform), or via another communication channel (e.g. newspaper website or social media);
- an influencer proposes a virtual currency to consumers with a view to encouraging them to purchase it and receives remuneration from a trading platform for doing so.