The new rules imposed by the Belgian financial regulator Financial Services and Markets Authority (FSMA) require cryptocurrency exchanges and storage wallet services in the region to register within a strict deadline.
From May 1st tomorrow, legitimate individuals and groups wishing to provide cryptocurrency exchange services or storage wallets in Belgium must register in advance. according to To the information released by FSMA.
— FSMA (@FSMA_info) April 29, 2022
The Belgian crypto business, which was already in operation prior to this official announcement, is required by law to notify FSMA of “exercise of activity” within two months until July 1.
In addition to business disclosure, existing businesses have been granted for four months, or by September 1, to be registered as a regulated business with financial regulators.
Cryptographic service providers must meet seven to maintain an active registration with the FSMA conditions This includes being organized in the form of a company with a minimum capital of approximately $ 52,725 (€ 50,000).
The FSMA will process your registration application within three months, given that you have provided all the information you need. Upon successful registration, the cryptographic service provider will receive a unique registration number (company number). It should be used in all subsequent interactions with FSMA.
Belgium’s Procryptstance was revealed in early 2022 when Brussels Parliamentarian Christoph de Bueckerer became the first European politician to convert his salary to Bitcoin ().BTC).
As Cointelegraph previously reported in January, Beukelaer has announced that it will use the Bit4You crypto trading platform to convert approximately $ 6,140 (€ 5,500) per month into BTC.
During the revelation, Beukelaer shared his intention to inspire other politicians in the region to support a growing crypto economy.