The Financial Services and Markets Authority (FSMA), Belgium’s financial regulatory agency, has issued a new regulation that requires crypto exchanges and custodial wallet services in the region to register in a short period of time. According to an announcement from FSMA, legal people and businesses that seek to provide crypto exchange services or custodial wallets in Belgium must register in advance starting from May 1.
Crypto service providers must meet seven standards to maintain active registration with the FSMA, including being organised as a corporation with a minimum capital of $52,725 USD. If crypto exchanges provide all the essential information on time, the FSMA aims to complete registration applications within three months.
After completing the registration process, crypto service providers will obtain a unique registration number, often known as the company number, for their business. This number must be used in all further contact with the FSMA.
Prior to the formal announcement, crypto companies operating in Belgium prior to the formal announcement are obligated by law to notify the FSMA of their “exercise of their activity” within the following two months, by July 1. In addition to declaring activities, existing enterprises have been given four months, or until September 1, to register with the financial authorities as regulated businesses.
Belgium’s pro-crypto position was highlighted in January 2022, when Brussels member of parliament Christophe De Beukelaer became the first European lawmaker to convert his salary to Bitcoin (BTC). During his speech, Beukelaer expressed his desire to encourage other lawmakers in the region to embrace the burgeoning crypto economy.
