Belgian crypto companies must register with the FSMA
The new law comes into force in Belgium. Now, all local companies that are crypto service providers must obtain a license from the local regulator, the Financial Services and Markets Authority (FSMA).
By law, as of May 1, 2022, this innovation applies to both cryptocurrency exchanges and wallet providers. They mean other companies - operators of payments, bitcoin ATMs, etc. The registries for cryptocurrency exchanges and wallet providers will be separate.
To obtain a license, you need to correctly fill out an application and pay a fee of 8,000 euros. The FSMA will review it within 3 months and communicate its decision. The company must have a capital of at least 50 thousand euros, a fairly strict KYC policy, reliable management and shareholders.
Already operating companies can continue to work while the department considers submitted applications. They will have to notify the FSMA of their intention to apply for registration by July 1, and submit the application itself no later than September 1, 2022.
Lack of permission from the FSMA will result in large fines (400-80,000 euros). Also, in some cases, the management of companies can be subjected to more serious punishment - up to 1 year in prison.
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