FSMA will be regulate the crypto industry
The Belgian Financial Services and Markets Authority (FSMA) has published new regulations allowing all crypto exchanges and custodial wallet services in the region to register with the agency from May 1. legal action.
These new regulations are part of Belgium’s ongoing efforts to govern the growing crypto industry. This will ensure that companies operating in this space comply with high safety and security standards. The new registration requirement imposed by the Belgian FSMA is another illustration of the slow but steady evolution of institutional involvement in the crypto industry.
Other countries to have monitoring a similar way
A similar approach has been seen in the UK, where companies must be registered with the Financial Conduct Authority. This solution did not work well in the country, as crypto companies were unhappy with their difficulties in registering with the FCA. Only 33 companies were able to register before their temporary registration expired.
It remains to be seen if this will go better in Belgium or if companies will face similar difficulties in registering with the financial regulator. Recent moves by the FCA in the UK have caused some crypto firms to relocate their operations to other European countries.