The Belgian Financial Services and Markets Authority (FSMA) has introduced mandatory registration of cryptocurrency exchanges and custodian wallet operators. This is stated on the editor’s website.

“Suppliers [криптовалютных услуг]”Those operating from 1 May 2022 must report their activities to the FSMA by 1 July 2022 and apply for registration by 1 September 2022.”

They added that the new regulation was introduced to provide clarity in the regulation of the cryptocurrency industry. Unregistered companies face fines and “more serious legal consequences.”

According to a study by TripleA, as of 2021, 272,990 citizens (2.36% of the population) own cryptocurrencies in Belgium.

Earlier, FSMA experts estimated that between May 2019 and September 2020, citizens of the country lost 10 million euros due to fraudulent online platforms. Similar sites offered to invest in binary options, forex products or digital assets.

Recall that in April 2022, ECB Board member Fabio Panetta described cryptocurrencies as a global phenomenon and called for their global regulation.