Belgian financial regulator FSMA to regulate crypto exchange services

cointelegraph.com:

A new rule imposed by Belgium’s financial regulatory agency, the Financial Services and Markets Authority (FSMA), will now require crypto exchanges and custodial wallet services in the region to register within a sharp deadline.

Starting tomorrow, May 1, legal individuals and entities that wish to provide crypto exchange services or custodial wallets in Belgium will have to register in advance, according to the information released by the FSMA.

As from 1 May 2022, providers of exchange services between #virtual #currencies and legal currencies, or custody #wallet services will have to register with the #FSMA. Please consult the FAQs. https://t.co/P44mkovn5L pic.twitter.com/aAdtQ9Dqwx

Crypto businesses in Belgium that have been already operating before this official announcement are required by law to notify the FSMA of the “exercise of their activity” within the next two months, before July 1.

In addition to disclosing operations, existing businesses have been given four months, i.e., before Sept. 1, to register as a regulated business with the financial regulator.

To maintain active registration with the FSMA, crypto service providers are required to fulfill seven conditions that include being constituted in the form of a company with a minimum capital of roughly $52,725 (EUR 50,000).

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

Related: Belgian MP becomes first European politician to accept salary in Bitcoin

Belgium’s pro-crypto stance became evident at the