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FSMA communication of 1 March 2022.
From 1 May 2022, the activities of certain virtual-currency service providers are regulated in Belgium. These providers must meet a series of conditions, notably as to their professional integrity and compliance with anti-money-laundering legislation.
Who is covered by the new rules on crypto and virtual-currency services?
Providers of exchange services between virtual and legal currencies, and providers of custodian wallet services (private cryptographic key custody) established in Belgium. Automated Teller Machines (ATMs) installed in Belgium that allow the exchange between virtual and legal currencies are also subject to the new obligations. Providers governed by the law of a third country outside the European Economic Area are, moreover, already prohibited from offering these services on Belgian territory.
What are their obligations?
The providers concerned must register with the Financial Services and Markets Authority (FSMA) to continue or start their activities. Registration entails compliance with a number of registration and operating conditions, monitored by the FSMA, concerning mainly: the expertise and professional integrity of the provider’s effective managers; the quality of certain shareholders in view of the need to guarantee sound and prudent management; and the organisation and compliance with anti-money-laundering and counter-terrorist-financing rules (for example, client identification). Continuous compliance with these obligations is a condition for maintaining the FSMA registration.
What does the FSMA check?
The new obligations and the arrangements for monitoring compliance are set out on the FSMA website, together with the Belgian Royal Decree of 8 February 2022 on the status and supervision of these providers. Importantly, the fact that a provider is registered with the FSMA does not guarantee any specific protection regime for its clients, nor any guarantee as to the quality of the services offered.
This article is a translation. Only the French version is authoritative. It is provided for information purposes and does not constitute legal advice.
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