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Belgian Registration for New Crypto Firms Kicks In on Sunday
Existing exchange providers have until June 1 to notify under the anti-money laundering law
Belgian crypto exchange providers must register with the authorities if they plan to start operating after May 1, the country's financial regulator said in a statement Friday.
- Those already operating have until June to notify the regulator under a law finalized in February, which also covers providers of custodial crypto wallets.
- The move follows European Union laws known as the Fifth Anti-Money Laundering Directive, intended to ensure wallet providers report suspicious activity.
- Failure to comply can lead to a year in jail or a fine of 10,000 euros ($10,500).
See also: European Crypto Firms Brace for Higher Costs as AMLD5 Takes Effect
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Jack Schickler
Jack Schickler was a CoinDesk reporter focused on crypto regulations, based in Brussels, Belgium. He previously wrote about financial regulation for news site MLex, before which he was a speechwriter and policy analyst at the European Commission and the U.K. Treasury. He doesn’t own any crypto.
