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Belgium FSMA To Set Up Stricter Legal Frameworks For Use Of Cryptocurrency

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  • Belgium’s FSMA is discussing with the government to implements regulations for digital currencies.
  • The country of Belgium is witnessing significant growth in the cryptocurrency adoption.
  • The top economists have also discussed the risk involving around the cryptocurrency rather than their advantages to the economy.

Belgium’s Financial Services and Markets Authority (FSMA) is discussing with the government to implements regulations for digital currencies. The chairman of FSMA, Jean Paull Servais, brought the notice to the law’s official in a recent court hearing asking them to introduce a legal framework for the sale, purchase, and use of virtual currencies and all related financial products.

The country of Belgium is witnessing significant growth in the cryptocurrency adoption and is in dire requirement of the regulations around it said the CEO, the recent conflict in the Central Bank of Belgium in promoting Bitcoin-based business is a significant example for the government to shine upon a stricter regulation to avoid such incidences.

The fraudulent activities can gain up in overnight with thousands of decentralized and public-oriented cryptocurrency are flowing into the market with a market capitalization of the north of $340 Billion can be easily used in fraudulent activities due to its support for privacy.

Due to the non-traceability feature on the Chain, Bitcoin can be easily used in the cyber-crimes illicit trade of money and transfer of funds. Bitcoin ATMs have also been seen on the rise in Belgium as well as increased growth in the installation of these in the world.

The top economists have also discussed the risk involving around the cryptocurrency rather than their advantages to the economy. A royal decree formed in 2014 has also banned any professional products and assets being offered to retail investors.

The FSMA has pleaded the Belgium government to come with regulatory frameworks in short notice to the features of virtual assets and similar financial products to protect the users from losses and to minimize the illicit activities using the cryptocurrency and the digital products. Many countries are coming up with similar frameworks to establish a secure platform for cryptocurrency users.

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