Regulate Cryptos Once! – The Financial Services and Markets Authority (FSMA), the Belgian financial regulatory agency, is imposing a new rule. It now requires crypto exchanges and wallet services in Belgium to register within a tight deadline. Crypto service providers must meet seven conditions. They must among other things, declare in the form of a company and have a minimum capital of approximately $52,725, or 50,000 euros.
Regulated crypto exchanges in Belgium
Since May 1, legal persons and entities wishing to provide exchange or crypto wallet services in Belgium have a new frame. They must register before they can start their activity, according to information published by the FSMA.
Crypto companies that were already active in Belgium before this official announcement must adapt. They are, in fact, required by law to notify the FSMA “the exercise of their activity” in the next two months. That is to say before July 1, 2022.
In addition to disclosing operations on their platform, existing companies have four months to make themselves known to regulators. It can register as a regulated company with the financial regulator until September 1.
To maintain their active registration with the FSMA, crypto service providers must meet seven conditions. In particular, they must be set up in the form of a company with a minimum capital of 50,000 euros.
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Belgian cryptocurrencies in good hands
The FSMA expects to process applications for registration within three months. For this, it will of course be necessary that all the required information has been provided. After successful registration, crypto service providers will receive a business number. This is a unique number which must be used in all subsequent interactions with the FSMA.
A Brussels MP recently announced the use of the Bit4You crypto trading platform to convert his monthly salary of around 5,500 euros into BTC. Also, he revealed his intention to inspire other politicians in the region to support the growth of the crypto-economy. Thus, at the beginning of the year, thanks to Christophe De Beukelaer, Belgium’s pro-crypto stance has become evident. And for good reason, he was the first European politician to convert his salary into Bitcoin.
This enthusiasm and the new legal framework for exchanges are rather bodes well for Bitcoin and cryptocurrency adoption in Belgium. Perhaps investors in the country will even come out ahead. In any case, the Belgian government will certainly no longer need specialized companies to sell bitcoins at auction.
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