Kingdom of belgium'south Fiscal Services and Markets Dominance (FSMA) has updated its blacklist of cryptocurrency-related websites associated with fraudulent activity.

The FSMA made the update following a number of complaints from Belgium-based users who dealt with fraudulent offers of investment in digital currencies, according to a Feb. 21 announcement. After the latest revision, the FSMA'south list now includes a total of 141 websites offering cryptocurrency-related services.

Raising awareness of crypto-related risks

The FSMA farther warned that the list is based on customer reports and the agency's ain findings, meaning that information technology does not include all the crypto-related businesses that might be illegally operating in Belgium.

Previously, the FSMA issued like warnings to cryptocurrency investors, outlining that they should be wary of companies that claim to hold authorizations from supervisory regime "This is a very often used technique. However, these are often cases of identity theft. Feel gratuitous to ask the FSMA to confirm the information you lot have received," the bureau said then.

In June of final twelvemonth, Belgian FPS Economic system rolled out a website to heighten awareness of the risks associated with investments in crypto. At the fourth dimension, Belgian investors had reported the loss of €2.2 million ($2.five million) in crypto scams to the FPS in 2022.

The FPS said that this was "just the tip of the iceberg" as only 4% of crypto fraud cases had been reported. Per their estimations, investors in Belgium lose about €130 million ($152 one thousand thousand) to crypto scams each yr.

Crypto investor support from authorities worldwide

Authorities of countries effectually the world provide advisory support for cryptocurrency investors in a bid to insure them from potential losses. In January, the State Security Board in the American state of Texas included cryptocurrencies in their list of superlative threats to investors. A dedicated guide warned:

"Promoters' claims of 'secure' cryptocurrency-related investments and 'guaranteed' profits should exist approached with caution: Cryptocurrencies tend to be extremely volatile and investors may exist unable to quickly liquidate products tied to them."

Meanwhile, Financial Stability Board Chair Randal Quarles has voiced his concerns regarding how quickly digital currencies are affecting the global economy while regulatory activeness struggles to go on upward.