- Belgium’s financial regulator said crypto exchange services must register with the FSMA.
- FSMA has given crypto businesses four months to register.
- Crypto service providers must fulfill seven conditions in order to maintain an active registration.
Financial Services and Markets Authority (FSMA), Belgium’s financial regulatory agency, enforced a new rule that requires crypto exchanges and custodial wallet services in the country to register within the allotted deadline.
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According to the new rules revealed by the FSMA, starting on May 1, legal individuals or companies that wish to offer crypto exchange services or custodial wallets in Belgium will have to register in advance.
The announcement stated that businesses that have already been operating on May 1 were obliged to notify the FSMA of the “exercise of their activity” before July 1, 2022.
Furthermore, the financial regulator has given the crypto businesses only four months from now to register.
Once registered, the FSMA will require crypto service providers to fulfill seven conditions in order to maintain an active registration. One of the conditions requires the service provider to be a company with a minimum capital of EUR 50,000 ($52.7k).
Crypto service providers will receive a distinct registration number (company number). Providers must also use the registration number to interact with the FSMA in the future.
According to FSMA, the registration of applications will be finished within three months should all requirements be submitted.
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