A new rule imposed by the Belgian financial regulatory agency, the Financial Services and Markets Authority (FSMA), will now require crypto exchanges and custodian wallet services to be registered in the region by a strict deadline.

From tomorrow, 1 May, legal entities and entities wishing to provide cryptocurrency or custodian wallet exchange services in Belgium will have to register in advance, according to information released by the FSMA.

Crypto companies in Belgium that were already operating before this official announcement are required by law to notify the FSMA of the “execution of their activities” in the next two months, before 1 July.

In addition to publishing business, existing companies were given four months, or before September 1, to register as regulated activities with the financial regulator.

To maintain active registration with the FSMA, crypto service providers must meet seven conditions that include establishing a company with a minimum capital of approximately $ 52,725 or $ 50,000.

The FSMA expects to process applications for registration within three months, as all necessary information has been provided. After successful registration, crypto service providers will receive a unique registration number, ie company number, which must be used in all further interactions with the FSMA.

Related: The Belgian MP became the first European politician to accept a salary in bitcoins

The Belgian pro-crypto stance became apparent in early 2022 when Brussels MP Christophe De Beukelaer became the first European politician to turn his salary into Bitcoin (BTC).

As Cointelegraph reported earlier in January, Beukelaer announced the use of the Bit4You crypto trading platform to convert its monthly salary of approximately $ 6,140 or $ 5,500 into BTC.

During the discovery, Beukelaer shared his intention to inspire other politicians in the region to support the growing crypto economy.

Source: CoinTelegraph