The Financial Services and Markets Authority (FSMA), Belgium’s financial regulatory agency, has issued a new regulation that requires crypto exchanges and custodial wallet services in the region to register within a short period of time.

According to material issued by the FSMA, legal individuals and businesses that seek to provide crypto exchange services or custodial wallets in Belgium must register in advance beginning tomorrow, May 1.

Crypto companies operating in Belgium before the formal announcement are required by law to notify the FSMA of the “exercise of their activity” within the following two months, before July 1.

Existing enterprises have been given four months, or until September 1, to register with the financial authority as a regulated business, and report their operations.

Crypto service providers must meet seven standards to retain active registration with the FSMA, including being organized as a corporation with a minimum capital of $52,725, or 50,000 euros.

If all essential information is given, the FSMA aims to complete registration applications within three months. Crypto service providers will obtain a unique registration number, or company number, after successfully registering, which must be used in all subsequent contacts with the FSMA.

Belgium’s pro-crypto position was highlighted in January 2022, when Brussels member of parliament Christophe De Beukelaer became the first European lawmaker to convert his salary to Bitcoin (BTC).

As reported in January, Beukelaer revealed that he converted his monthly wage of around $6,140, or 5,500 euros, to BTC through the Bit4You crypto trading site.

During his speech, Beukelaer expressed his desire to encourage other lawmakers in the region to embrace the burgeoning crypto economy.