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 material issued by the FSMA, legal people and businesses 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 Financial Registration Authority of the “exercise of their activity” within the following two months, by July 1.
In addition to declaring operations, existing enterprises have been given four months, or until September 1, to register with the financial regulator as a regulated business.
Crypto service provider must meet seven standards to maintain active registration with the Financial Services and Markets Authority, including being organized as a corporation with a minimum capital of $52,725 USD (EUR 50,000).
If all essential 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 Financial regulator.
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).
Previously, 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.
Also Read: The Argentinian Securities Commission has Established an Innovation Hub to Address Regulated Cryptocurrency Investments
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