By Alicia Maher
Belgium’s financial regulator, the FSMA, has announced that VASPs must receive an operational license from the agency before they can keep running their business. More importantly, the agency gave a tight deadline for the VASPs to get the mandatory permit. The FSMA announced that VASPs have until Sunday, May 1, 2022, to obtain their operational license.
The FSMA announcement. Source: Twitter.
However, the FSMA clarified that the deadline is mainly applicable to new VASPs, as existing VASPs have until July 1 to ensure that they are in full compliance with this new directive. Apart from registering, these existing VASPs must disclose details about the mode of operation to the FSMA to ensure their operations don’t contravene the nation’s financial policies. Generally, the FSMA has given a September 1, 2022, deadline for all existing VASPs to register and regulate their business operations with the financial watchdog.
Other Terms And Conditions Stipulated By The FSMA
Other conditions stipulated by the FSMA for VASPs is that the VASPs must be registered as a limited liability company with a minimum liquid cash of about $52,730 (or 50K Euros). The FSMA revealed that all pending applications would be completed in 90 days, provided the companies seeking approval have met all the requirements.
The financial regulator will issue a unique number to each successfully registered VASP. Thus, such VASPs’ further communication with the FSMA will be through this number. Belgium showed they aren’t anti-crypto when Chris De Beukelaer, a top parliamentary member from Brussels, indicated an interest in receiving his salary in crypto. He was the first politician across Europe to take such a decision.
De Beukelaer announced earlier in the year that he would be receiving his $6,145 salary through the Bit4you service, which would help him convert his salary to BTC. He added that he would continue to sensitize other politicians to do likewise and take a stance on the fast-rising crypto industry.
Binance Offers Assistance On Crypto And Blockchain Education For Indians
The crypto space continues to face various challenges with various authorities. One of such authorities is the Indian government, which has maintained an anti-crypto stance based on its recent crypto policies. One concern cited by India for its strict anti-crypto policy is that the citizens don’t have adequate knowledge about crypto.
Hence, the foremost crypto exchange, Binance, has offered to assist in the area of insufficient education about crypto and blockchain. Binance is offering to educate Indians within the student age, particularly college students. Tagged the “blockchain for good ideathon,” the Binance initiative is aimed at providing free crypto-related webinars for all students starting from May 1, 2022.
Binance will achieve its goal through collaboration with top India-based crypto influencers and educators such as Kashif Raza. Part of the modules of the training will involve the demystification of myths about crypto trading and a basic understanding of blockchain.
Speaking to the media about the collaboration, Raza explained that Indians’ crypto education level is low because there aren’t enough educative platforms that provide simplified training about crypto.