Digital Law Up(to)date: New Royal decree completes Belgian regulatory framework on crypto-exchange and wallet services providers

Three weeks ago, we published a news on the new Belgian legal framework on certain crypto asset services (see here). The regulatory framework is now more complete following the adoption of the Royal decree of 8 February 2022, published in the Belgian Gazette on 23 February 2022.

This text sets out the rules for the registration with the Belgian Financial Services and markets Authority (the “FSMA”) of providers of exchange services between virtual currencies and fiat currencies and of custodian wallet providers established on the Belgian territory. Providers are established in Belgium when they have electronic infrastructures in Belgium that allows them to offer their services. The Royal decree also determines the conditions for the exercise of these activities and their control, and defines the concept of “custodian wallet providers” and of “services providers related to virtual currencies”.

The decree enters into force on 1 May 2022. Providers who are operating without being registered on the date of entry into force of the decree may continue to do so provisionally until FSMA decides on their application for registration. They must at least notify FSMA of their activity by 1 July 2022 and submit a complete application for registration by 1 September 2022.

This article was co-authored by Edouard Cruysmans in his capacity of Professional Support Lawyer at Stibbe.