Belgium Regulates Crypto Services: Compliace With New Rules Required Before September

Belgian financial regulator Financial Services and Markets Authority (FSMA) set new requirements for companies the provide services for the users of cryptocurrencies such as Bitcoin (CRYPTO: BTC).

What Happened: A Friday announcement reads that "any legal person established in Belgium that wants to provide exchange services between virtual currencies and legal currencies, or custody wallet services, within Belgium will have to register with the FSMA in advance." Crypto service providers already operating on May 1 need to notify the FSMA of their activity before July 1, and apply for registration with the regulator before Sep. 1, 2022.

See Also: How To Earn Free Crypto

The report follows Charles Hoskinson — the creator of one of the top cryptocurrencies by market cap, Cardano (CRYPTO: ADA), recently suggesting U.S. regulators are not be ready to handle the crypto ecosystem and its implications. A major point he made is that some cryptocurrencies can be used as securities, currencies and commodities, which basically voids the category-based regulatory paradigm in the U.S.