As per a new rule imposed by Belgium’s financial regulatory agency, the FSMA now requires custodial wallet services and exchange to register as soon as possible. The authority has also provided a strict deadline for the same.
According to a tweet by the FSMA, from May 1, all entities and individuals in Belgium that want to provide crypto exchange services or pose as custodians of their clients’ crypto shall register in advance.
Within the next two months, before July 1, Businesses already operating (before this announcement) shall notify the FSMA about the “exercise of their activity.” They also given four months (before Sept 1) to register as a regulated business.
There are also seven conditions laid down by the FSMA, like including itself in those forms of companies which have a capital of at least $52,725 (EUR 50,000).
Considering all other information being provided, the authority expects to process registration applications within three months. Registered individuals or entities will get a unique registration number or the company number. It will be used for further transactions with the FSMA.