The Financial Markets Authority started from today the registration of crypto exchanges and custody custody is a financial institution's legal capacity to keep and preserve financial assets for its clients to avoid asset theft or loss. services.
La Financial Services and Markets Authority of Belgium (FSMA) The new law (the “Cryptocurrency Exchange”) requires from today that all cryptocurrency exchanges and custodian a custodian is responsible for safely holding assets for an institution or individual for a variety of purposes. wallet a place where cryptocurrency users can store, send and receive digital assets. services in the country must register with the institution.
He specified the dates:
“Suppliers already operating on May 1, 2022 must notify FSMA of their practice by July 1, 2022 and apply for registration by September 1, 2022.”
Any unregistered exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. or wallet service found to be operating after the imposed cut-off date will be subject to fines or other legal action.
As media reports say, despite some industry concerns, many see the rule as necessary to ensure the growth and stability of the cryptocurrency sector in Belgium, because it will ensure that companies operating in this space meet high standards of safety and security.
The medium AMBCrypto expresses that the new registration requirement of the Belgian FSMA is yet another example of “the slowly but surely growing trend of institutional participation in the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. space.” He adds that “as more companies and organizations begin to realize the potential of cryptocurrencies, we can expect more rules and regulations to be put in place to protect investors.”
Belgium and crypto
The new decision is in line with its statements in the past, where Belgian authorities warned its citizens about cryptocurrency scams. In fact, in 2017 it had announced that tighten its regulations in this regard.
A recent report showed that almost 2.5% of Belgium’s population owns cryptocurrencies, around 270 thousand people. It is little in relation to what is calculated in other European countries. . The Bank of Spain, for example, has said that12% de la población adulta de su país has crypto at the moment and that is a similar percentage to other European countries.
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