Belgian Crypto Firms Must Register With Local Regulator Starting Tomorrow

Belgian crypto exchanges must register with the country’s financial regulator, the Financial Services and Markets Authority (FSMA) starting tomorrow, May 1. Belgian Crypto Firms Need to Register With FSMA According to a statement from Belgium’s financial regulatory agency FSMA, any legal individuals that wish to provide crypto exchange services or custodial wallets within the country will have to register with the regulatory agency in advance. Crypto businesses that have been already operating are required to notify the FSMA of the “exercise of their activity” within the next two months, before July 1. In addition, they have until four months, i.e., before Sept. 1, to register as a regulated business with the financial regulator. To maintain active registration with the FSMA, crypto service providers are required to fulfill seven conditions. One of them includes providing their services through a legal entity (SA, SRL, etc.) with a minimum fully paid-up capital of EUR 50,000 or $52,725. Failure to Comply Can Lead to Jail or Fine The FSMA expects to process registration applications within three months, considering all required information has been provided. Upon successful registration, crypto service providers will receive a unique registration number that must be used in all further interactions with the FSMA. Failure to comply can lead to a year in jail or a fine of 10,000 euros or $10,500.The post Belgian Crypto Firms Must...