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Belgium to Require Crypto Ads to Include Stark Warning on Risk

27 points by TheAlchemist 4y ago

ulfw 4y ago
Why allow crypto ads at all then? Are gambling ads allowed in Belgium?
- CaptArmchair 4y ago
  Yes, gambling ads will be banned as well. https://www.reuters.com/world/europe/belgium-bans-gambling-advertising-july-1-2023-03-09/ https://www.reuters.com/world/europe/belgium-bans-gambling-a...
  - ChuckNorris89 4y ago
    I hope loot boxes are next on the chopping block. These bans and ad restrictions should be EU wide though. I don't understand why they're not. AFAIK Finland is Europe's biggest gambler. When I went there every bar or club had slot machines, roulette, or poker table. It was insane. Although AFAIK most of their winnings from gambling go to the state to fund social services instead of the pockets of some private megacorporation in Cyprus.
- ChuckNorris89 4y ago
  >Why allow crypto ads at all then? Good question. Maybe because democracy, capitalism, free speech and free market, or a combination of those? I guess crypto hasn't been among us long enough for it to be proven as dangerous as smoking, gambling, drugs, or other stuff heavily regulated here. Would like to see them banned though. On a similar issue, I noticed in Austria, when you go to invest in Derivatives on one of these online trading platforms, they're mandated by law to tell you upfront how many of their customers loose money on them. Last time I checked on one platform they said something like ~82% of people loose their money. Ouch! It seems very good to be mandated by law to inform the Average Joe about the real calculated risk of such gambles, before they burn away their life savings because some crypto bro on Youtube or troll on wallstreetbets told them they'll be millionaires.
  - junofan 4y ago
    82% is actually pretty good for retail derivatives. Would’ve guessed north of 90%.
- lozenge 4y ago
  Because it's a regulator, it can't make new laws. It only has the powers the legislature granted to it.
testHNac 4y ago
It will be as effective as graphic warning on Cigarette packaging. The people 'betting' on Crypto are delusional, they will just see this as a conspiracy by the Government / Banks.
- c1sc0 4y ago
  Have you seen our warnings on cigarette packaging? Have you seen how cigarettes are sold in France? No branding. Graphic warnings. Same font imposed on all brands. No wonder all the cool kids are switching to e-cigs. This will most certainly have an effect, especially in these “down” times and when the target of these ads will have heard a few horror stories.
  - testHNac 4y ago
    French Smoking Stats - https://www.macrotrends.net/countries/FRA/france/smoking-rate-statistics https://www.macrotrends.net/countries/FRA/france/smoking-rat... Since 2000 to 2022 smoking rate in France declined from 34.2 to 33.4 That's exactly my point with effectiveness of Ads. --------------------------------------------------------------- People flock to these markets ( Crypto _ in a bull run. That's the whole definition of a bubble. The target of these ads don't buy in downtime. They are looking to get rich quick. Most crypto enthusiasts aren't flocking to buy crypto right now. Just HODLing. Most are underwater anyways. Let me know how effective these crypto ads are during the next bull run when everyone is buying.
noloblo 4y ago
https://archive.is/20230320180018/https://www.bloomberg.com/news/articles/2023-03-20/belgium-to-require-crypto-ads-to-include-stark-warning-on-risk#xj4y7vzkg https://archive.is/20230320180018/https://www.bloomberg.com/... non-paywalled

27 points by TheAlchemist 4y ago

ulfw 4y ago

Why allow crypto ads at all then? Are gambling ads allowed in Belgium?

CaptArmchair 4y ago
Yes, gambling ads will be banned as well. https://www.reuters.com/world/europe/belgium-bans-gambling-advertising-july-1-2023-03-09/ https://www.reuters.com/world/europe/belgium-bans-gambling-a...
- ChuckNorris89 4y ago
  I hope loot boxes are next on the chopping block. These bans and ad restrictions should be EU wide though. I don't understand why they're not. AFAIK Finland is Europe's biggest gambler. When I went there every bar or club had slot machines, roulette, or poker table. It was insane. Although AFAIK most of their winnings from gambling go to the state to fund social services instead of the pockets of some private megacorporation in Cyprus.
ChuckNorris89 4y ago
>Why allow crypto ads at all then? Good question. Maybe because democracy, capitalism, free speech and free market, or a combination of those? I guess crypto hasn't been among us long enough for it to be proven as dangerous as smoking, gambling, drugs, or other stuff heavily regulated here. Would like to see them banned though. On a similar issue, I noticed in Austria, when you go to invest in Derivatives on one of these online trading platforms, they're mandated by law to tell you upfront how many of their customers loose money on them. Last time I checked on one platform they said something like ~82% of people loose their money. Ouch! It seems very good to be mandated by law to inform the Average Joe about the real calculated risk of such gambles, before they burn away their life savings because some crypto bro on Youtube or troll on wallstreetbets told them they'll be millionaires.
- junofan 4y ago
  82% is actually pretty good for retail derivatives. Would’ve guessed north of 90%.
lozenge 4y ago
Because it's a regulator, it can't make new laws. It only has the powers the legislature granted to it.

testHNac 4y ago

It will be as effective as graphic warning on Cigarette packaging. The people 'betting' on Crypto are delusional, they will just see this as a conspiracy by the Government / Banks.

c1sc0 4y ago
Have you seen our warnings on cigarette packaging? Have you seen how cigarettes are sold in France? No branding. Graphic warnings. Same font imposed on all brands. No wonder all the cool kids are switching to e-cigs. This will most certainly have an effect, especially in these “down” times and when the target of these ads will have heard a few horror stories.
- testHNac 4y ago
  French Smoking Stats - https://www.macrotrends.net/countries/FRA/france/smoking-rate-statistics https://www.macrotrends.net/countries/FRA/france/smoking-rat... Since 2000 to 2022 smoking rate in France declined from 34.2 to 33.4 That's exactly my point with effectiveness of Ads. --------------------------------------------------------------- People flock to these markets ( Crypto _ in a bull run. That's the whole definition of a bubble. The target of these ads don't buy in downtime. They are looking to get rich quick. Most crypto enthusiasts aren't flocking to buy crypto right now. Just HODLing. Most are underwater anyways. Let me know how effective these crypto ads are during the next bull run when everyone is buying.

noloblo 4y ago

https://archive.is/20230320180018/https://www.bloomberg.com/news/articles/2023-03-20/belgium-to-require-crypto-ads-to-include-stark-warning-on-risk#xj4y7vzkg https://archive.is/20230320180018/https://www.bloomberg.com/... non-paywalled