Business

Belgian financial regulator FSMA to regulate crypto exchange services

blank

A new rule imposed by Belgium’s financial regulator, the Financial Services and Markets Authority (FSMA), now requires crypto exchanges and custodial wallet services in the region to register by a harsh deadline.

Starting tomorrow, May 1, legal entities and entities wishing to offer crypto exchange services or custodial wallets in Belgium must register in advance, according to the information published by the FSMA.

Crypto companies in Belgium that were already operating prior to this official announcement are required by law to notify the FSMA of “operating their business” within the next two months, before July 1st.

In addition to business disclosure, existing companies have been given four months, ie before September 1st, to register with the Financial Regulator as a regulated company.

In order to maintain an active registration with the FSMA, crypto service providers must meet seven conditions, including being incorporated as a corporation with a minimum share capital of approximately $52,725 (EUR 50,000).

FSMA expects to process applications for registration within three months provided all required information has been provided. Upon successful registration, crypto service providers will receive a unique registration number, also known as a company number, which must be used in all further interactions with the FSMA.

Related: The Belgian MP is the first European politician to accept his salary in Bitcoin

Belgium’s pro-crypto stance became evident in early 2022 when Brussels MP Christophe De Beukelaer became the first European politician to convert his salary to Bitcoin (BTC).

As Cointelegraph reported back in January, Beukelaer announced that he would convert his monthly salary of around $6,140 (EUR 5,500) into BTC via crypto trading platform Bit4You.

During the reveal, Beukelaer shared his intention to inspire other politicians in the region to support the growing crypto economy.