Belgian financial regulator FSMA to regulate crypto exchange services
Following the increasing integration of digital assets into financial systems, governments are introducing regulatory tools. Belgium is no exception and has introduced mandatory registration with local authorities for crypto platforms. This innovation was adopted by the country’s authorities in February 2021, but the decision comes into force on May 1, 2022. In addition, such companies must register as companies and have a capital of $ 52,725 or € 50,000.
The Belgian government has introduced mandatory registration for crypto platforms
Although Belgium has not always been interested in cryptocurrencies, the authorities now want to set up a system to control them. Therefore, from 1 May, all crypto platforms operating in Belgium must register with the financial regulation agency Financial Services and Markets Authority (FSMA). Thus, companies, not only new companies must be registered, but also companies that have provided services before. Therefore, crypto platforms must declare their activities by July 1, 2022. In addition, companies must register with the financial regulator by September 1, 2022.
It should also be added that such innovations apply only to companies that have offices or ATMs in Belgium. Therefore, companies that provide cryptocurrency services to residents of the country, but are registered and have offices in other countries, may not be registered. This applies to all companies that provide “services consisting of purchase and sale transactions with equity, exchange of virtual currency for fiat currency or fiat currency for virtual currency”.
This is not the first time such a state-level registration has been introduced. Before that, the Financial Markets Authority (AMF) in France had already granted crypto platforms the status of digital asset service providers (PSANs). In particular, the first platform to receive this status is Coinhouse.
The transition of cryptocurrencies to the state level
The use of digital assets is becoming more common at the level of government. Thus, the member of the Brussels Parliament Christophe de Beukelaer announced the transfer of his salary to bitcoin (BTC). To do this, the manager chose the Belgian cryptocurrency exchange Bit4you, thus urging other MPs to support his initiative and invest in the development of digital assets.
Thus, this initiative can be a significant impetus for the even greater development of cryptocurrency in the country. In addition, such measures at the management level not only cover the need for specialized companies to provide digital asset services but also affect the attraction of investment in the country.
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