Belgium’s Financial Services and Markets Authority (FSMA) is set to introduce a new set of crypto ad regulations by May 17, Finance Magnates reported on March 20.

Belgium’s Official Gazette published on March 17 showed that the crypto ad must be accurate and contain mandatory risk information. The companies sponsoring the advert must submit it to FSMA before any mass campaign — this means that adverts targeting at least 25,000 customers must be submitted to the regulator.

A recent FSMA market research showed that most crypto investors in the country are in it for the money, and 80% are men. The recent collapse of FTX and the inadvertent crypto market winter has not deterred investors.