Crypto exchanges must meet seven requirements of FSMA, including being organized as a corporation with a minimum capital of USD 52,725 (EUR 50,000).
A new rule imposed by Belgium’s financial regulatory agency, the Financial Services and Markets Authority (FSMA), will now require crypto exchanges and custodial wallet services in the region to register within a strict timeframe.
According to the FSMA, legal individuals and entities who wish to provide crypto exchange services or custodial wallets in Belgium must register in advance beginning tomorrow, May 1.
Crypto businesses in Belgium that were already in operation before this official announcement are required by law to notify the FSMA of the “exercise of their activity” within the next two months, by July 1.
In addition to disclosing operations, existing businesses have been given four months, i.e., before September 1, to register with the financial regulator as a regulated business.
To maintain active registration with the FSMA, crypto service providers must meet seven conditions, including being organized as a corporation with a minimum capital of approximately USD 52,725 (EUR 50,000).
The FSMA anticipates that registration applications will be processed within three months if all required information is provided. After successfully registering, crypto service providers will be assigned a unique registration number, also known as the company number, which must be used in all subsequent interactions with the FSMA.
Belgium’s pro-crypto stance was made clear at the beginning of 2022 when Brussels member of parliament Christophe De Beukelaer became the first European politician to convert his salary to Bitcoin (BTC).
Beukelaer announced in January that he was using the Bit4You crypto trading platform to convert his monthly salary of approximately $6,140 (EUR 5,500) to BTC.
During the announcement, Beukelaer expressed his desire to inspire other regional politicians to support the growing crypto economy.
