Belgium’s financial regulatory agency, the Financial Services and Markets Authority (FSMA), has issued a new regulation that requires crypto exchanges and custodial wallet services in the region to register within a short period of time.
According to material issued by the FSMA, legal people and businesses that seek to provide crypto exchange services or custodial wallets in Belgium must register in advance starting tomorrow, May 1.
Before the formal announcement, Crypto companies operating in Belgium are obligated by law to notify the FSMA of the “exercise of their activity” within the following two months, by July 1.
Better regulation for Belgium’s crypto exchanges
In addition to declaring activities, existing enterprises have been given four months, or until September 1, to register with the financial authority as a regulated business.
Crypto service providers must meet seven standards to maintain active registration with the FSMA, including being organized as a corporation with a minimum capital of $52,725 (EUR 50,000).
The FSMA aims to complete registration applications within three months if all essential information is given.
Crypto service providers will obtain a unique registration number, often known as the company number, after completing the registration process. This number must be used in all further contacts with the FSMA.
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).
Beukelaer used the Bit4You crypto trading site to convert his monthly wage of around $6,140 (EUR 5,500) to BTC, as Cointelegraph previously reported in January.
During his speech, Beukelaer expressed his desire to encourage other lawmakers in the region to embrace the burgeoning crypto economy.
As countries are at the forefront of crypto adoption, one after the other, the nations are emerging with much better regulations for crypto adoption.