Crypto Firms Must Register to Do Business in Belgium

Many countries are planning to regulate the crypto segment. In this episode, the Belgian government has made it mandatory for all virtual asset firms to reveal their identity. Belgium’s Financial Services and Markets Authority (FSMA) has ordered all such firms to register. This will reduce the use of crypto transactions in illegal activities and the risk of scams.

FSMA has a statement “From the beginning of May, Belgium must register with the FSMA to provide exchange services or custody wallet services related to virtual currencies.” This rule will also be applicable to existing virtual asset firms. For tax purposes in Belgium, with a population of about 12 million, the Special Tax Inspectorate (STI) classifies profits from the sale of cryptocurrencies as “miscellaneous income”. There is an increasing number of people involved in the crypto segment in Belgium. According to an estimate, about 2.70 lakh people in Belgium held cryptocurrencies last year.

Also earlier this year Christophe De Beukelaer, a resident of the Belgian capital Brussels, became the first European politician to convert his salary into bitcoin. A large part of the crypto segment in Belgium is not regulated and work is being done to make laws related to this. Belgian authorities have warned that virtual currencies have not received legal status.

Several countries such as the United Arab Emirates, UK, Cuba and Singapore are taking measures to protect investors associated with cryptocurrencies. In the US too, an executive order related to this segment was recently issued. Tax on crypto transactions has been implemented in India since last month. On Crypto Trading in the Budget in February tax The ban was announced and since then the issue has become a cause of controversy amongst those associated with the crypto industry. Many industry experts and crypto enthusiasts have praised the government’s approach to regulating this segment rather than banning it, while others believe that the tax rate on crypto profits should be reduced. needed. <!–

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