Belgium will begin to control the services of crypto exchanges

The innovation comes into force on May 1 for new companies

30.04.2022 - 07:15

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What’s new? The Financial Services and Markets Authority of Belgium (FSMA) has introduced a rule that requires crypto exchanges and custodian wallet platforms in the region to register within a set deadline. The rule comes into force on May 1. Crypto companies that were already operating in the country before this announcement must notify the FSMA of their operations within the next two months, by July 1.

Information on the FSMA website

What conditions has the regulator imposed? Businesses operating in the country have to register with the FSMA until September 1. To maintain active registration, crypto service providers should meet seven parameters, including being established in the form of a company with a minimum capital of €50 000 (around $52 500).

The FSMA expects to process applications for registration within three months, under terms of the necessary information is provided. Once successfully registered, crypto service providers will receive a unique number to be used in all future interactions with FSMA.

What happened before? In January, Christophe De Beukelaer, a member of the parliament of the Brussels-Capital Region, converted his salary into bitcoin. His monthly salary of €5500 would be automatically converted through the Belgian cryptocurrency trading platform Bit4You.

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