The Financial Services and Markets Authority in Belgium has imposed a new rule that will require all crypto exchanges and custodial wallet service providers to register by a strict deadline.
According to information released by FSMA, legal entities and individuals who wish to offer crypto exchange services in Belgium or custodial wallets will need to register in advance.
The #FSMA will require that all providers of #virtual and #legal currency exchange services, as well as custody and #wallet service providers, register starting 1 May 2022. Check out the FAQs. https://t.co/P44mkovn5L pic.twitter.com/aAdtQ9Dqwx
— FSMA (@FSMA_info), April 29, 2022
Belgian crypto businesses that were operating in Belgium before the official announcement must notify the FSMA within two months of the “exercise” of their activity.
Existing businesses are allowed to register with the financial regulator as regulated businesses for four months after disclosing their operations.
Crypto service providers must meet seven conditions in order to remain active registered with the FSMA. These include having a minimum capital of approximately $52,725 (EUR 50,000) and being constituted as a company.
The FSMA anticipates that registration applications will be processed within three months after all information has been submitted. After successful registration, crypto service providers will be issued a unique registration number (a.k.a. The company number must be used for all future interactions with the FSMA.
Related: First European politician to accept Bitcoin salary as a payment for his Belgian MP
The pro-crypto stance of Belgium was evident in 2022, when Christophe De Beukelaer, a Brussels member of parliament became the first European politician (BTC) to convert his salary.
Cointelegraph reported that Beukelaer used Bit4You to convert his monthly salary (roughly $6,140) from EUR 5,500 to BTC.
During the revelation, Beukelaer spoke out about his desire to encourage other politicians to support the region’s growing crypto economy.
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