Belgian Financial Regulator FSMA To Regulate Crypto Exchange Services
The Financial Services and Markets Authority (FSMA), Belgium’s financial regulatory agency, has issued a new rule that requires crypto exchanges and custodial wallet services in the region to register within a short period of time.
According to data issued by the FSMA, legal individuals and entities who seek to provide crypto exchange services or custodial wallets in Belgium must register in advance starting tomorrow, May 1.
Crypto companies operating in Belgium prior to the official announcement are obligated by law to notify the FSMA of their “exercise of their activity” within the following two months, by July 1.
In addition to reporting operations, existing enterprises have been given four months, or until September 1, to register with the financial regulator as a regulated business.
Crypto service providers must meet seven standards to maintain active registration with the the agency, including being organized as a corporation with a minimum capital of $52,725 USD (EUR 50,000).
If all necessary information is given, the FSMA aims to process registration applications within three months. Crypto service providers will receive a unique registration number, often known as the company number, after completing the registration process. This number must be used in all further contacts with the FSMA.
Belgium‘s pro-crypto position was highlighted in January 2022, when Brussels member of parliament Christophe De Beukelaer became the first European lawmaker to convert his salary to Bitcoin (BTC).
Beukelaer revealed that he converted his monthly wage of around $6,140 (EUR 5,500) to BTC through the Bit4You crypto trading platform.
During his speech, Beukelaer expressed his desire to encourage other lawmakers in the region to support the burgeoning crypto economy.
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