Tuesday, November 29, 2022

Belgium’s Regulator Requires New Crypto Companies To Register In May

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Belgium’s regulator requires new crypto companies to register in May and stated that the crypto exchanges and wallet custodial will also have to register in advance if they want to operate in the regions to let’s read more today in our latest cryptocurrency news.

A few countries started to explore regulatory frameworks as crypto adoption remained high and adding to this trend, Belgium’s regulator requires the crypto companies to register in may after imposing a new law for individuals and entities that want to provide exchange services between the virtual currencies and the legal currencies of the custody wallet services. The Belgian crypto exchanges and wallet services will have to register with the Financial Services and the Markets Authority to operate in the country under the new rules.

In the statement, Belgium’s financial regulators said that the legal individuals and entities seeking to provide the crypto exchange services or wallets in the country will have to register in advance. The existing virtual currency service providers have to notify the FSMA of the nature of their activity before July 1st under the new anti-money laundering law and these establishments were given four months to apply for registration until September 1st.

FSMA

To obtain a license as a virtual asset service provider an entity has to fulfill seven criteria that include having a specific corporate form and a minimum capital of 50,000 EUR with the service providers being required to set up central administration and an office in Belgium but also having to pay the contributors to operate the costs of the FSMA. The financial regulator said that it asks service providers for more information and it deems it necessary to assess their applications which takes three months and the FSMA will then notify the decision.

Belgium was skeptical of the crypto industry but BTC surged to a new heigh and the country saw an increasing number of BTC ATMs that popped up in the recent months. Brussels member of parliament Christophe De Beaukelaer became the first EU politician to convert his entire salary of 5000 EUR and the reports show that this move encouraged other politicians in the region to show a similar interest in the technology:

“We can no longer remain ignorant of this new world. It’s a bit like clinging to the carriage or the candle as cars and light bulbs appear. Adoption is going to be exponential.”

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