Global losses from cryptocurrency fraud and theft surged massively in 2022, doubling from 2022. Despite multiple efforts to tackle fraudulent crypto schemes, countries similar Belgium continued to suffer losses to crypto fraudsters.

According to a May eight written report by Belgian paper De Tijd, Belgium's economic inspectorate reported 2.94 million euros ($three.2 one thousand thousand) in losses due to cryptocurrency fraud in 2022.

Figures go along to grow, just existent numbers are apparently unreported

The recent figures evidence that the number of crypto fraud cases in Belgium has been growing in contempo years. In 2022, Belgian's Federal Public Service, known as FPS Economy, reported $2.5 1000000 losses to crypto scams in the land.

What's more than, these growing numbers are apparently "simply the tip of the iceberg" as the bulk of fraud cases remain unreported.

Nathalie Muylle, Belgium's minister of economic system and consumer affairs, said that existent losses were apparently higher than $3.two one thousand thousand.

"The amounts are not e'er communicated by reporters," Muylle noted.

As previously reported, Belgian authorities estimate that local investors lose more than $150 one thousand thousand to scam schemes each year.

Belgium has taken multiple preventive measures to tackle crypto scams

According to Muylle, Kingdom of belgium has mainly taken a preventive approach to fight crypto scams so far while prosecution measures are all the same undecided. In 2022, the economical inspectorate reportedly sent a related query to the public prosecutor's office for fraud and is yet waiting for a decision.

Belgian authorities have indeed taken multiple preventive measures to tackle the trouble in recent years. In February 2022, Belgium'due south Financial Services and Markets Authority, or FSMA, blacklisted a bunch of crypto-related fraudulent websites. Previously, FPS Economy rolled out a website to raise sensation of the risks associated with investments in crypto.

Meanwhile, the cryptocurrency industry apparently remains largely unregulated in Belgium to appointment. In February 2022, FSMA chairman Jean-Paul Servais urged the Senate to establish a "legal framework for the auction, purchase, and utilize of virtual currencies and all related financial products." The official pointed out that fraudulent activities in the market will proceed to bear upon investors if the industry remains unregulated.