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CATEGORY: belgium


Mar 26, 2023 11:30

Report: Terra Co-Founder Do Kwon Plans to Appeal Detention Extension After Arrest in Montenegro

According to the Montenegro-based newspaper Vijesti, Do Kwon, the co-founder of Terraform Labs, also known as Kwon Do-hyung, is appealing the detention extension ordered by a Montenegrin court. Kwon was arrested on March 23, 2023, after being caught at Podgorica Airport in Montenegro while traveling with fraudulent identification documents. Report Says Kwon’s Legal Representation Aims [...]

The post Report: Terra Co-Founder Do Kwon Plans to Appeal Detention Extension After Arrest in Montenegro appeared first on Crypto Breaking News.

Jun 24, 2023 05:50

Binance Ordered to Cease All Crypto Services in Belgium

Crypto exchange Binance has been ordered by Belgium’s Financial Services and Markets Authority (FSMA) to cease providing any crypto exchange and custody wallet services in the country. The Belgian financial regulator stressed that it “takes the view that by offering such services in Belgium from countries that are not members of the European Economic Area, [...]

The post Binance Ordered to Cease All Crypto Services in Belgium appeared first on Crypto Breaking News.

Jun 24, 2023 12:25

FSMA Orders Binance to Immediately Halt Services in Belgium

Belgium’s financial markets watchdog has ordered cryptocurrency exchange Binance to immediately quit offering its digital asset exchange and custody services in the country. The regulator also instructed the exchange to return all customers’ crypto holdings and keys.

Belgium Gives Binance Quit Notice

The Financial Services and Markets Authority (FSMA) issued the order on Friday, noting that the crypto exchange has been serving customers in the country from nations that are not members of the European Economic Area (EEA). It added that Binance does not dispute offering such service in Belgium.

According to the watchdog, 27 companies it called ‘Binance Operators', are engaged in providing operational and or technical support for Binance’s crypto exchange and custody services to Belgian clients. However, despite several requests, the exchange has failed to show that 19 of these entities “are in fact based in the European Economic Area and are authorized, based on their domestic laws, to provide such services in Belgium,” FMSA noted.

“Persons or firms governed by the law of a country that is not a member of the European Economic Area are prohibited from offering or providing, within Belgium, by way of a professional activity – even if supplementary or ancillary – exchange services between virtual currencies and legal currencies or custody wallet services,” FSMA explained.

Instead of returning all Belgian customer assets, Binance can opt to transfer them to entities that are regulated under the law of an EEA member state, the financial markets supervisor said. These entities also have to be authorized by domestic laws in their states to carry out crypto exchange and custody services, including within Belgium.

Furthermore, FSMA urged Binance to “take every precaution that may be useful to guarantee the security of such transfers.” It also warned the exchange that Belgium's chief prosecutor had been briefed about the case, and it will pursue criminal sanction under Belgium’s law on the prevention of money laundering and terrorist financing if Binance fails to obey the order.

This article was written by Solomon Oladipupo at www.financemagnates.com.

Jun 23, 2023 10:30

Belgian financial regulator orders Binance to cease all virtual currency services

The Belgian Financial Services and Markets Authority (FSMA) has ordered major cryptocurrency exchange Binance to stop offering crypto exchange and custody wallet services.  In a June 23 notice, the FSMA said that by Binance offering crypto-related services “from countries that are not members of the European Economic Area,” the exchange was violating Belgian laws on [...]

The post Belgian financial regulator orders Binance to cease all virtual currency services appeared first on Crypto Breaking News.

Mar 21, 2023 10:30

Crypto Ads in Belgium to Feature ‘Punchy Warning’ of Risks, New Rules Imply

The financial regulatory body of Belgium has been tasked by the government to regulate advertisements for cryptocurrencies. New rules, set to enter into force in May, oblige advertisers to clearly warn investors of the risks associated with the digital assets. Belgium Poised to Protect Consumers From Misleading Crypto Advertisements Belgium’s Financial Services and Markets Authority [...]

The post Crypto Ads in Belgium to Feature ‘Punchy Warning’ of Risks, New Rules Imply appeared first on Crypto Breaking News.

Belgian MP receives Bitcoin salary for a year: Here’s what he learned

Author: Cointelegraph By David Attlee
United States
Jan 09, 2023 04:40

Belgian MP receives Bitcoin salary for a year: Here’s what he learned

Christophe De Beukelaer considers his experiment successful, as he raised awareness among the local lawmakers.

Nov 27, 2022 01:20

Bitcoin and Ether Are Not Securities in Belgium, Financial Regulator Clarifies

Cryptocurrencies like bitcoin and ether cannot be classified as securities or investment instruments, according to a communication issued by the financial watchdog in Belgium. The authority has tried to clarify the matter, noting that the digital coins may be subject to other regulations. FSMA: Securities Laws Do Not Apply to Bitcoin and Other Decentralized Cryptocurrencies

The post Bitcoin and Ether Are Not Securities in Belgium, Financial Regulator Clarifies appeared first on BTC Ethereum Crypto Currency Blog.

The state of crypto in Western Europe: Swiss powerhouse and French unicorns

Author: Cointelegraph By David Attlee
United States
Oct 16, 2022 04:40

The state of crypto in Western Europe: Swiss powerhouse and French unicorns

From taxes and legislation to the local startups and professional associations — all you need to know about blockchain and crypto in Western Europe.

May 03, 2022 09:50

Belgium Introduces Registration for Crypto Exchange and Wallet Service Providers – Regulation Bitcoin News

Authorities in Belgium have obliged providers of some crypto exchange and wallet services to register with the country’s financial watchdog. Targeted platforms that fail to comply with the new regulations will face fines, among other penalties, including prohibition to carry out their respective activities. Financial Regulator Imposes Mandatory Registration for Crypto Exchange Service Providers in […]

Belgian regulator mandates registration for companies providing crypto-related services

Author: Oluwapelumi Adejumo
United States
May 03, 2022 01:10

Belgian regulator mandates registration for companies providing crypto-related services

Belgium’s Financial Services and Markets Authority (FSMA) imposed new rules requiring crypto companies operating in the country to register with the watchdog and hold minimum regulatory capital.

The post Belgian regulator mandates registration for companies providing crypto-related services appeared first on CryptoSlate.

Belgium’s Financial Regulatory Agency Plans to Regulate Crypto Exchanges

Author: Vignesh Karunanidhi
Estonia
May 01, 2022 02:30

Belgium’s Financial Regulatory Agency Plans to Regulate Crypto Exchanges

Belgium’s financial regulatory agency, the Financial Services and Markets Authority (FSMA), 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 people and businesses that seek to provide crypto exchange services or custodial […]

Belgian financial regulator FSMA to regulate crypto exchange services

Author: Cointelegraph By Arijit Sarkar
United States
Apr 30, 2022 08:20

Belgian financial regulator FSMA to regulate crypto exchange services

Crypto service providers must fulfill seven conditions that include being constituted in the form of a company with a minimum capital of roughly $52,725 (EUR 50,000).

Jan 28, 2022 10:40

First Belgian Elected as European Legislator to Accept Salary in Bitcoin


Following in the footsteps of New York City Mayor Eric Adams, Brussels MP Christophe De Beukelaer intends to convert his salary to Bitcoin. (Read More)

Sep 05, 2021 12:10

Seety, Belgian Startup, Launches Bitcoin Payment For Parking Sessions

The adoption of crypto as a payment method for everyday goods and services has risen in recent months. Digital parking startup, Seety, has made it possible to pay for parking tickets with Bitcoin in some Belgian cities. According to a report by DataNews on Thursday, the Belgian startup released this crypto payment feature in Antwerp and Brussels. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course In addition to Bitcoin, users can also use other digital currencies to make payments. The options include cryptocurrencies such as Ethereum, Bitcoin Cash, Litecoin, Dogecoin, and stablecoins like DAI and USD coin. The company expects cryptocurrencies to become more environmentally friendly in due course, meaning they will increasingly be used to pay for everyday goods and services. How Seety Works To use crypto coins to pay for a parking space via Seety, users can purchase Seety credits on the app. The transaction costs are the same as for the payment by credit card. Seety features an interactive map on its app that helps users locate the cheapest or free parking spots. Additionally, they can determine the prices and parking regulations for any street or parking lot in town. A community feature notifies a member in case a parking officer is spotted near their car. With Seety, users can find the cheapest parking zones, avoid parking fines and pay for their parking in two clicks. Total crypto market rises to $2.275 Trillion | Source: Crypto Total Market Cap from TradingView.com The company also recently introduced its app in more than a hundred Dutch cities and municipalities. The app, available for iOS and Android, now has 355,000 active members and expects a turnover of 400,000 euros in 2021. For 2022, the startup aims for a turnover of 2 million euros. The startup is one of the firms bootstrapped by the Belgian accelerator program Start it @KBC. Using Crypto For Everyday Transactions Using crypto to pay for parking services dates back to years ago. In 2014, a Reddit user posted that he had paid a parking ticket with Bitcoin using the online marketplace Brawker. Related Reading | Visa Customers Have Spent Over $1B On Crypto-Linked Cards This Year Recently, Visa stated that its crypto-enabled cards processed over $1 billion in crypto spending in the first half of 2021. Featured image from AppWikia.com, Chart from TradingView.com

What’s next for EU’s crypto industry as European Parliament passes MiCA?

Author: Cointelegraph By Veronika Rinecker
United States
Apr 20, 2023 04:40

What’s next for EU’s crypto industry as European Parliament passes MiCA?

What is the potential impact of MiCA on the EU crypto and blockchain market, and what other regulations can be expected for this rapidly evolving industry?

Apr 26, 2023 12:25

Belgium’s FSMA to Police Crypto Ads with Upcoming Regulation

The Financial Services and Markets Authority (FSMA), Belgium’s financial markets watchdog, starting May 17, 2023, will begin enforcing a new regulation aimed at monitoring advertisements (ads) targeted at consumers in Belgium. This comes after the regulation was approved by a Royal Decree on February 8, 2023.

In a webinar held on Wednesday, the regulation shared some details on the regulation, noting that the new rules relate to adverts intended to attract crypto investments and released either “as a regular professional activity or an occasional basis for compensation.”

According to FSMA, while the new regulation covers virtual assets that function as a means of exchange or payment, such as Bitcoin or Ether, assets with only a utility function or serve as securities are exempted.

The regulatory agency said it created the regulation because cryptocurrencies are “a particularly risky investment asset” popular among Belgians who are mostly younger investors. The regulator added that last year’s crypto winter and FTX bankruptcy “have hardly undermined faith in virtual currencies.”

FSMA Seeks to Regulate Contents of Crypto Ads

According to the details shared in a presentation at the webinar, FSMA must be notified 10 days before a crypto ad that is to be published by a trading platform or an influencer is posted on various media channels such as social media, billboards and websites.

The watchdog noted that it requires such messages to be clearly labelled as advertisements and carry important warnings such as on the volatile nature of digital assets, the lack of bank guarantee for them and legal mechanisms to prevent market manipulation or insider dealing.

As part of the regulatory process, the FSMA will require crypto advertisers to keep for at least a year their ad materials, agreements and the list of platforms where they were disseminated.

FSMA on Crypto

FSMA’s new regulation on digital asset advertisement is the regulator’s latest effort to supervise the emerging crypto industry. As early as 2020, the FSMA called for government regulation of cryptocurrencies, noting that the size of the digital asset market called for attention.

In April 2022, the regulator began to require all crypto firms operating in the country to register to continue their activities. Months later, the markets supervisor started consulting on how to classify digital assets.

FlowNow rebrands; Deribit's zero-fee crypto trading; read today's new nuggets.

This article was written by Solomon Oladipupo at www.financemagnates.com.

Mar 24, 2023 12:25

"The Only Guarantee in Crypto Is Risk:" Belgium to Mandate Warnings on Ads

<p>Belgian financial market supervisor, the Financial Services and Markets Authority (FSMA), will impose a new set of rules on the promotion of cryptocurrencies within its jurisdiction, which will come into effect on 17 May 2023. </p><p>Belgium Mandates Crypto Risk Warnings </p><p> There are three key areas to the new <a href="https://www.financemagnates.com/cryptocurrency/irelands-regulator-may-begin-clamping-down-on-crypto-ads-guidance-is-under-review/" target="_blank" rel="follow">crypto advertising rule</a>: the message must be accurate and not misleading, ads must contain mandatory risk information, and crypto companies need to <a href="https://www.financemagnates.com/tag/fsma/" target="_blank" rel="follow">inform FSMA</a> ahead of any mass campaign. </p><p> In the Belgian Official Gazette, published last Friday, the FSMA elaborated that crypto advertisements need to provide risk details when counting the advantage of cryptocurrencies. These ads must provide a short and punchy warning and a "broader warning or a link or reference to such a warning." </p><p> Additionally, the regulator defined the mass campaign as any promotion with which companies are targeting at least 25,000 consumers. </p><p> "Some consumers want to earn money quickly by <a href="https://www.financemagnates.com/cryptocurrency/regulation/the-regulatory-landscape-of-crypto-global-developments-and-implications/" target="_blank" rel="follow">trading in virtual currencies</a>. This goes hand in hand with great risks. In order to better protect consumers, the FSMA is stepping up the pace when it comes to supervision and financial education," said the Chairman of the FSMA, Jean-Paul Servais. </p><p> "Thanks to the new Regulation, the FSMA will be able to check whether advertisements for virtual currencies are accurate and not misleading and whether the advertisements contain the compulsory warnings of risk." </p><p>Belgian Crypto Investors Are Concentrated in One Region </p><p> The regulatory move against the rampant crypto ads came after a survey that quizzed 1000 investors in November 2022. The FSMA conducted market research with IPSOS, which found that 80 percent of crypto investors are men. Also, the prolonged 'crypto winter' and the collapse of FTX hardly impacted the Belgian's sentiment towards the market, as only 7 percent of the survey participants said they would never trade cryptocurrencies because of those events.</p><p> However, the amounts traded in virtual currencies are smaller than in traditional investments, as only 15 percent bought more than EUR 10,000 worth of virtual currencies. </p><p> "These figures are useful to help guide the FSMA's actions," Servais added. "They also indicate the usefulness of the FSMA's approach and strengthen its resolve to continue to take a proactive attitude in this area,' concludes Jean-Paul Servais."</p><p>Meanwhile, the foreign minister of Belgium recently called for a cryptocurrency ban, calling it a "speculative poison [with] no economic or social added value." (translated from Dutch as seen in the tweet below)</p><blockquote class="twitter-tweet"><p lang="nl" dir="ltr">Nog een les te trekken uit de huidige bankcommotie. Leg een strikt verbod op cryptocurrencies op. Speculatief gif en geen enkele economische- of sociale toegevoegde waarde. Als een overheid drugs verbiedt, moet ze ook crypto’s verbieden.</p>— Johan Van Overtveldt (@jvanovertveldt) <a href="https://twitter.com/jvanovertveldt/status/1636644994772598785?ref_src=twsrc%5Etfw">March 17, 2023</a></blockquote><p> A Strict Financial Regulator </p><p> Belgium's FSMA is known to be a tough financial market supervisory with its market regulations. It is the only European county to ban the offering and sale of contracts for differences (CFDs) contracts, which are otherwise hit on many other regional markets. Recently, it flagged about two dozen clones and fraudulent platforms illegally offering complex financial instruments in the country. </p><p> Last year, the FSMA <a href="https://www.financemagnates.com/cryptocurrency/regulation/belgiums-fsma-mandates-registration-of-crypto-firms/" target="_blank" rel="follow">mandated the registration of all virtual currency service providers</a>, including exchanges and wallet providers, that are operating within the country. Moreover, the market supervisor needs the crypto companies to notify their activities. </p><p> Meanwhile, other regulators in and outside Europe are bringing strict rules when it comes to crypto advertisements. The UK's ads regulator has flagged and taken down the crypto ads of many companies, including one of a <a href="https://www.financemagnates.com/cryptocurrency/asa-shows-red-card-to-arsenal-fc-for-misleading-crypto-ads/" target="_blank" rel="follow">major football club</a>. Furthermore, the authorities in Thailand, <a href="https://www.financemagnates.com/cryptocurrency/south-africa-mandates-risk-warnings-in-crypto-ads/" target="_blank" rel="follow">South Africa</a>, and India mandated risk warnings for crypto ads. </p> This article was written by Arnab Shome at www.financemagnates.com.

Mar 20, 2023 10:30

Belgian FSMA surveys crypto investors before taking on new ad regulation authority

The Belgian Financial Services and Markets Authority (FSMA) will have new powers to supervise virtual currency advertising when a new regulation comes into force on May 17. In preparation for its new role, the agency commissioned a survey of investors. The new regulation will have three aspects. First, it will require accuracy and clear language, [...]

The post Belgian FSMA surveys crypto investors before taking on new ad regulation authority appeared first on Crypto Breaking News.

Belgium to introduce new crypto ad regulation

Author: Oluwapelumi Adejumo
United States
Mar 20, 2023 05:50

Belgium to introduce new crypto ad regulation

Belgium’s Financial Services and Markets Authority (FSMA) is set to introduce a new set of crypto ad regulations by May 17, Finance Magnates reported on March 20.

The post Belgium to introduce new crypto ad regulation appeared first on CryptoSlate.

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