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Belgium’s $ 3.2 million loss from crypto fraud in 2019 is the “tip of the iceberg”.

May 8, 2020

Global cryptocurrency fraud and theft losses increased dramatically in 2019 and doubled compared to 2018. Despite multiple efforts to combat fraudulent cryptocurrency systems, countries like Belgium continued to suffer losses for cryptocurrency fraudsters.

According to a report by the Belgian newspaper De Tijd on May 8th The Belgian economic regulator reported losses of 2.94 million euros ($ 3.2 million) in 2019 due to cryptocurrency fraud.

The numbers continue to grow, but the actual numbers appear to be unknown

Current numbers show that the number of cases of cryptocurrency fraud in Belgium has grown in recent years. In 2018, the Belgian federal public service, known as the FPS Economy, reported losses of $ 2.5 million due to cryptocurrency fraud in the country.

Belgium’s $ 3.2 million loss from crypto fraud in 2019 is the “tip of the iceberg”.Belgium’s $ 3.2 million loss from crypto fraud in 2019 is the “tip of the iceberg”.

These growing numbers too Apparently they are “just the tip of the iceberg” since most fraud is not reported.

Nathalie Muylle, Belgian Minister for Economic Affairs and Consumer Protection, said actual losses appear to have exceeded $ 3.2 million.

“The amounts are not always reported by journalists,” said Muylle.

As previously reported The Belgian authorities estimate that local investors lose over $ 150 million in fraud each year.

Belgium has taken several preventive measures to combat cryptocurrency fraud

According to Muylle So far, Belgium has mainly followed a preventive approach to fighting cryptocurrency fraud, while law enforcement measures have not yet been decided. The Economic Inspectorate has reportedly sent a fraud law enforcement request in 2019 and is still awaiting a decision.

The Belgian authorities have taken several preventive measures to address the problem in recent years. In February 2020, the Belgian Financial Services and Market Authority (FSMA) blacklisted a number of fraudulent websites related to cryptocurrencies. FPS Economy had previously launched a website to raise awareness of the risks associated with cryptocurrency investments.

In the meantime The cryptocurrency industry has apparently not yet been regulated in Belgium. In February 2020, FSMA President Jean-Paul Servais asked the Senate to create a “legal framework for the sale, purchase and use of virtual currencies and all related financial products”. The official noted that fraudulent market activity will continue to affect investors if the industry is not regulated.

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