A new rule implemented by Belgium’s financial regulator, the Financial Services and Markets Authority (FSMA), now requires cryptocurrency exchanges and custodial wallet services in the region to register within a strict deadline.
Legal and entities wishing to offer crypto exchange services or custodial wallets in Belgium must register in advance, starting tomorrow, May 1, according to information published by the FSMA.
From May 1st, 2022, providers of exchange services between #virtual #currencies and fiat currencies or custodial #wallet service providers must be registered with #FSMA. Check out the FAQ. https://t.co/P44mkovn5L pic.twitter.com/aAdtQ9Dqwx
— FSMA (@FSMA_info) April 29, 2022
Cryptocurrency businesses already operating in Belgium prior to this official announcement are required by law to notify the FSMA of “their activities” within the next two months, by July 1.
In addition to disclosing businesses, existing businesses have been given four months, before September 1, to register as regulated businesses with the financial regulator.
In order to remain actively registered with the FSMA, crypto service providers must meet seven conditions, including incorporation as a company with a minimum capital of approximately $52,725 or €50,000.
Taking into account that all required information has been provided, FSMA expects to process applications for registration within three months. Upon successful registration, the cryptographic service provider will receive a unique registration or company number, which must be used in all further interactions with FSMA.
Related: Belgian MP Becomes First European Politician to Accept Bitcoin Salary
Belgium’s pro-crypto stance became apparent in early 2022, when Brussels MP Christophe De Beukelaer became the first European politician to convert his salary into Bitcoin (BTC).
As previously reported by Cointelegraph in January, Beukelaer announced using the Bit4You crypto trading platform to convert his monthly salary of roughly $6,140 or €5,500 into BTC.
During the disclosure, Beukelaer shared his intention to inspire other politicians in the region to support the growing crypto economy.