Providers already operating on 1 May 2022 must notify the FSMA of the exercise of their activity before 1 July 2022 and apply for registration before 1 September 2022.

The service providers will have to meet a series of conditions related, in particular, to their professional integrity and compliance with anti-money laundering legislation.

The new rules apply to:

• exchange service providers between virtual currencies and legal currencies as well as private cryptographic key custody wallet service providers established in Belgium; and 
• Automated Teller Machines (ATM's) installed in Belgium that allow the exchange between virtual currencies and legal currencies.

The obligations require service providers to register with FSMA to continue or start their activities. This registration implies compliance with a number of registration and exercise conditions, the control of which is ensured by the FSMA.

These conditions mainly concern:

• "the expertise and professional integrity of the effective managers of the service provider;
• the quality of certain shareholders of the service provider with regard to the need to guarantee sound and prudent management;
• the organisation and compliance with the rules relating to the fight against money laundering and the financing of terrorism."

Permanent compliance with these obligations is a condition for maintaining registration with the FSMA.