A new rule imposed by Belgium’s financial regulator, the Financial Services and Markets Authority (FSMA), will now require crypto exchanges and custodial wallet services in the region must be registered within a clear deadline.
According to data provided by the FSMA, legitimate individuals and organizations that wish to offer crypto exchange services or custody wallets in Belgium must pre-register starting tomorrow, May 1.
Cryptocurrency companies operating in Belgium prior to the official announcement are legally obligated to notify the FSMA of “conducting their activity” within two months thereafter, at the latest July 1.
In addition to reporting activity, existing businesses have four months, or until September 1, to register with the financial regulator as a regulated business.
Cryptocurrency service providers must meet seven criteria to maintain active registration with the agency, including being organized as a company with a minimum capital of $52,725 USD (50,000 EUR).
If all required information is provided, the FSMA will process the application within three months. Cryptocurrency service providers will receive a unique registration number, commonly referred to as a company number, upon completion of the registration process. This number will be used in all subsequent interactions with the FSMA.
Belgium’s pro-crypto stance became apparent in early 2022 when Brussels member of parliament Christophe De Beukelaer became the first European politician to convert his salary to Bitcoin (BTC).
Beukelaer revealed that he converted his monthly salary of around $6,140 (5,500 EUR) into BTC through the Bit4You crypto trading platform.
In his statement, Beukelaer shared his intention to inspire other politicians in the region to support the burgeoning crypto economy.