Belgium’s FSMA and Crypto Regulations

Belgium’s FSMA and Crypto Regulations

The fraud protection regulator keeps a list of crypto services and their potential risk.

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16 Feb 2020 , 16:55 @ Matey Salt

Belgium’s FSMA and Crypto Regulations

The fraud protection regulator keeps a list of crypto services and their potential risk.

FSMA is pushing the government to introduce regulations for digital currencies.

In a Senate hearing, Jean-Paul Servais, the chairman of the FSMA, brought the proposal before lawmakers, urging them to establish a “legal framework for the sale, purchase, and use of virtual currencies and all related financial products.”

He also pointed out countries such as Russia, China, Argentina and the inefficiency of the Belgian authorities in dealing with this sector.

The chair also highlighted a market where there are more than a thousand digital currencies with a total value of more than 320 billion.

“Due to their non-traceability, the bitcoins are and other virtual currencies very popular in the context of cyber crime: they are ubiquitous on darknet, since they can become cyber crime committed without leaving traces,” the official resolution of the agency stated.

“A legal framework should be established without delay this virtual money and related financial products, in particular, to protect consumers and the use of this virtual currency for criminal objectives,” the resolution added.

Source: financemagnates

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