Belgium obliges crypto exchange and wallet service providers to register with its financial watchdog.
Targeted platforms that fail to comply with the new regulations will face fines, among other penalties, including prohibition to carry out their respective activities.Starting from May 1, 2022, any legal entities established and operating in Belgium that want to provide exchange services between “virtual currencies and legal currencies” are required to register with the Financial Services and Markets Authority , the country’s financial regulator.
Cryptocurrency platforms falling under these two categories, which had been working in Belgium before the specified date, should notify the FSMA of their activities before July 1, 2022 and apply for registration prior to a Sept. 1 deadline, the watchdog said. They will be granted “provisional authorization” allowing them to continue operations until the FSMA reviews their registration requests.
The affected service providers are Belgian or European companies. The registration is subject to a minimum capital requirement of €50,000 , a FAQ section on the authority’s website details. The FSMA also wants to know the identities of the shareholders and the persons in control of the platforms who must have the necessary management qualities.notes that by exchange service providers it means entities carrying out purchase or sale transactions using own capital.
Platforms that serve as intermediaries in transactions between a client and a third party are not targeted with the new rules. However, operators of automated teller machines for crypto-fiat exchange, will be considered as providers of exchange services for the purposes of the new requirements. The regulator also defines custodial wallet services as services for the custody of private cryptographic keys on behalf of clients for the purpose of holding, storing, and transferring virtual currencies. Persons offering customers such services will be viewed as custodial wallet service providers that need to register with the FSMA.
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