Crypto service providers must meet seven requirements, including being a company with a minimum capital of about $52,725 and being able to show that they have enough money (EUR 50,000).
A new rule from Belgium’s financial regulator, the Financial Services and Markets Authority (FSMA), will now require crypto exchanges and custodial wallet services in the region to register with the FSMA by a very short deadline, so they can do business.
Those who want to run crypto exchanges and custodial accounts in Belgium will have to register with the FSMA before they can do so.
Crypto businesses in Belgium that were already running before this official announcement have to tell the FSMA about their “activities” in the next two months. Before July 1, they must do this.
Existing businesses have been given until Sept. 1 to register as regulated businesses with the financial regulator. They must do this before Sept. 1.
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
— FSMA (@FSMA_info) April 29, 2022
To keep their registration with the FSMA active, crypto service providers must meet seven conditions. These include being a company with a minimum capital of about $52,725 and being registered with the FSMA (EUR 50,000).
The FSMA expects to process applications for registration in three months if all the required information has been provided. If you register as a crypto service provider, the FSMA will give you a unique registration number, also called a company number. This number must be used in all future interactions with the FSMA. This number is called the “company number.”
At the start of 2022, a Brussels member of parliament became the first European politician to convert his salary to Bitcoin. This shows that Belgium is a big fan of crypto (BTC).
As Cointelegraph reported back in January, Beukelaer said he was going to use the Bit4You crypto trading platform to convert his monthly salary of about $6,140 (EUR 5,500) into BTC.
Shared: Beukelaer said he wanted to get other politicians in the region to support crypto.
