New registration requirements for certain cryptocurrency related services as of 1 May 2022

A Royal Decree of 8 February 2022 on the status and supervision of providers of virtual currency and fiat currency exchange services and custodian wallet providers, which will enter into force 1 May 2022, introduces new provisions regulating crypto-exchanges and custodian wallet providers.

These providers, when established on Belgian territory, will be required to register with the Belgian Financial Services and Markets Authority (FSMA). Certain requirements are to be met, in order to acquire this registration.

Entities operating an ATM located on Belgian soil and which allows for the exchange between virtual currencies and fiat currencies, will be considered having a Belgian establishment and will thus be obliged to register with the FSMA.

One of the changes also entails that crypto-exchange and custodian wallet service providers, situated outside the European Economic Area, are prohibited to offer or provide such services in Belgium.

Entities who already provide these services on 1 May will have to obtain a provisional authorisation from the FSMA before 1 July. Before 1 September , they will have to file a complete application to acquire a registration.  If they fail to file a complete application before the due date, the provisional authorisation expires automatically.

If you would like more information on this subject, please do not hesitate to contact us.