Belgium’s FSMA Insists Government For Crypto-Regulations To Combat Scams

Many sovereign countries are pushing hard for the regulatory frameworks of CBDC (central bank’s digital currency) and other cryptocurrencies & stable coins.

The United States’ securities watchdog, Security Exchange Commission (SEC) has released their roadmap for 2020 in their press release. Wherein the US-SEC’s Office of Compliance Inspections and Examinations (OCIE) has emphasized on the FinTech projects including its standpoints on the essentialities required by the digital assets in 2020 Examination.

For now, Belgium’s FSMA which is a regulatory authority (Financial Services and Markets Authority) is urging for their government to form a regulatory framework for digital assets, according to a recent report.

Yesterday, the chairman of FSMA, Jean-Paul Servais urged legislators in a senate hearing to setup a proper legal framework for the trade deal proceeds, use of digital currencies and all pertaining to the financial products. Representatives of the National Bank of Belgium and of the Belgian Financial Intelligence Processing Unit (CTIF-CFI) also took part in the hearing.

The Financial Services and Markets Authority (FSMA) is also inducing the government to establish regulations for digital asset class.

Furthermore, the Chairman emphasized on the major characteristics of cryptocurrencies, on the European and international initiatives in the region, on the regulatory context and on the combating of investment fraud.

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