Belgian FSMA Tightens Crypto Regulation
The Belgian Financial Services and Markets Authority (FSMA) required crypto exchanges and custodial wallet operators to apply for registration by September 1, 2022.
According to the FSMA’s announcement, cryptocurrency service providers must notify the regulator of their activities by July 1, 2022.
This decision was made to ensure clarity in the regulation of the cryptocurrency industry. Unregistered companies face fines and other legal consequences.
According to a study by TripleA, as of 2021, 272,990 citizens (2.36% of the population) owned cryptocurrencies in Belgium.
Earlier, European Central Bank Board Member Fabio Panetta said that as cryptocurrencies are rapidly spreading around the world, a coordinated effort is needed to regulate them.