Belgium’s financial regulatory agency, the Financial Services and Markets Authority (FSMA), has imposed a new rule for crypto exchanges and wallet services in the region. The crypto service providers will be required to register within a sharp line.
According to information released by FSMA, the rule will come into effect on May 1 and will require any legal entities or individuals who wish to offer crypto-based services or custodial wallets in Belgium will have to register in advance.
Crypto businesses that have been operating prior to this official announcement are required by law to notify the FSMA of their activities before July 1. In addition to disclosing their operations, existing businesses are required to register as regulated businesses with the financial regulator before September 1.
There are also seven conditions listed by the FSMA that crypto businesses must follow to maintain active registration with the Belgian regulators. These conditions include being constituted in the form of a company with a minimum capital amount of approximately $52,725 (EUR 50,000).
Provided that all of the required information has been provided, the FSMA expects to complete the registration process within three months. After successful registration, crypto service providers will receive a unique registration number. They will then need to use this number in all interactions with the FSMA going forward.
Belgium has taken a pro-crypto stance since the beginning of this year when a Brussels member of parliament, Christophe De Beukelaer, became the first politician in Europe to convert his salary into Bitcoin (BTC).
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Source: Cryptocurrency - investing.com
