Belgian FSMA Regulator To Regulate Crypto Exchange Services

The Belgian FSMA regulator will likely regulate crypto exchange services and they have to fulfill seven conditions which will include being constituted in the form of a company with a minimum capital of $52,725 so let’s read more today in our latest cryptocurrency news.

The new rule imposed by the Belgian FSMA regulator will require crypto exchanges and wallet services in the region to register to a deadline. The legal individuals and entities that wish to provide exchange services or custodial wallets in Belgium will have to register in advance. Crypto businesses in Belgium were already operating before the official announcement and now they are required by law to notify the FSMA of the exercise of the activity in the next two months. In addition to disclosing operations, these businesses were given four months before September 1 to register as a regulated business with the financail regulator.

As from 1 May 2022, providers of exchange services between #virtual #currencies and legal currencies, or custody #wallet services will have to register with the #FSMA. Please consult the FAQs. https://t.co/P44mkovn5L pic.twitter.com/aAdtQ9Dqwx

— FSMA (@FSMA_info) April 29, 2022

To maintain active registration with the FSMA the crypto service providers are required to fulfill the seven conditions which include being constituted in the form of a company with a minimum capital of $52,725. The FSMA expects to process registration applications in the next three months and consider all required information that was provided. Upon the successful registration, the service providers will receive a unique registration number that has to be used in all further interactions with the FSMA.

Belgium’s pro-crypto stance became evident at the start of this year when Brussels member of Parliament Christophe de Beaukelaer became the first EU politician to convert his salary to BTC. Beaukelaer announced using the Bit4You crypto trading platform to convert the monthly salary of $6,140 to BTC. Beaukelaer shared his goals to inspire other politicians in the region to support the growing crypto economy.

As recently reported, KBC is one of the leading banks and biggest insurance and banking companies in the country announced plans to launch its own crypto and change its approach to digital assets. The bank’s native cryptocurrency will be a kind of reward token that will allow the bank to work on interaction strategies with its customers that promote the platform and compel users to adopt their services. The bank shared an announcement during the presentation of the first months of the virtual assistant “Kate” included in the banking app. Right now, the KBC coin is not available to the public but already entered the testing phase via a private environment.