Belgium’s FSMA Requires New Crypto Companies to Register in May

As bitcoin’s popularity continues to rise, several nations have begun to investigate regulatory frameworks. Belgium officials have imposed a new rule for persons and businesses wishing to provide exchange services between virtual currencies and legal currencies, as well as custody wallet services, to add to the trend. Under the new legislation, Belgian cryptocurrency exchanges and custodial wallet services must register with the Financial Services and Markets Authority (FSMA) in order to operate in the nation. FSMA’s Crypto Rule Belgium’s financial regulators announced in a statement that legal persons and businesses wishing to provide crypto exchange services or custodial wallets in the nation must first register. Existing virtual currency service providers, on the other hand, are required by the anti-money laundering statute to notify the FSMA of the nature of their operation by July 1st. The establishments have also been given a further four months to apply for registration, with a September 1st deadline. Furthermore, an organization must meet seven conditions to get a license as a virtual asset service provider (VASP), including possessing a certain corporate structure and a minimum capital of EUR 50,000 ($52,718 approx.). The service providers must also establish a central administration and registered office in Belgium, as well as contribute to the FSMA’s operational costs. The financial regulator also stated that it may...