Belgium’s FSMA takes step toward regulating crypto businesses: report

Regulation • May 1, 2022, 7:03AM EDT

Belgium’s Financial Services and Markets Authority (FSMA) required all crypto-exchanges and custodial wallet services in the region to register with the agency beginning today, AMBCrypto reported.

The FSMA added that: “Providers already operating on 1 May 2022 must notify the FSMA of the exercise of their activity before 1 July 2022 and apply for registration before 1 September 2022.”

Despite some industry concerns, many see the rule as necessary for ensuring the growth and stability of the crypto sector in Belgium, the website said, because it is important for regulators to provide clarity and guidance on how crypto businesses operate.

A recent report showed that almost 2.5% of Belgium’s population holds crypto.

About Author

Mike Millard has worked as an editor for Bloomberg and Reuters, various newspapers and websites. He lived in Asia for more than two decades and now calls the Greek island of Corfu home. He is the author of three books.