Belgium’s FSMA Announces New Rules on Registration of Crypto Firms

Belgium's financial watchdog, the Financial Services and Markets Authority ‎‎(FSMA), has announced the new rules for virtual currency exchanges and custody wallet providers.

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According to the authority, as from 1 May 2022, any legal person established in Belgium that wants to provide exchange services between virtual currencies and legal currencies, or custody wallet services, within Belgium will have to register with the FSMA in advance.

The regulator 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.

Recently, many countries around the world turned eyes to crypto industry and have therefore issued multiple ‎legislation. The government of Uzbekistan has moved to expand its crypto regulations through a decree signed by President Shavkat Mirziyoyev. The document provides definitions for terms like crypto assets, exchange, and mining, and determines the main regulatory body for the industry.

In addition, the Swiss National Bank is against buying and holding bitcoin as a reserve currency, Chairman Thomas Jordan said at the central bank's annual general meeting on last Friday.