Belgian Regulator Tightens Oversight of the Crypto Industry

The Belgian Financial Services and Markets Authority (FSMA) has introduced mandatory registration for cryptocurrency exchanges and custodial-wallet operators. The regulator said on its website.

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\”Providers of [cryptocurrency services], operating as of May 1, 2022, must notify FSMA of activity by July 1, 2022 and file for registration by September 1, 2022,\” the regulator said.

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They added that the new regime is introduced to bring clarity to the regulation of the crypto industry. Unregistered companies face fines and \”more serious legal consequences.\”

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According to the study TripleA, as of 2021, 272,990 Belgians owned cryptocurrencies (2.36% of the population).

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Earlier, FSMA experts calculated that between May 2019 and September 2020, the country\’s citizens lost €10 million due to fraudulent online platforms. Such platforms offered investments in binary options, forex products, or digital assets.

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In April 2022, ECB Executive Board member Fabio Panetta called cryptocurrencies a global phenomenon and urged global regulation.

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