According to the recent<a href="https://www.financemagnates.com/cryptocurrency/news/belgiums-fsma-calls-for-crypto-regulations/"> reports</a>, the Financial Services and Markets Authority in Belgium is pushing the government to bring digital currencies regulations in the sector.

On 10 February, the chairman of FSMA, Jean-Paul Servais in the state council hearing urged the lawmakers to build a legal framework for use, sale and purchase of digital currencies and its related digital financial products. He added that it is high time, and Belgium authorities should work towards building a<a href="https://www.cryptoknowmics.com/crypto/esma-to-push-for-sound-legal-framework-for-crypto-in-eu-markets/"> legal framework</a> for crypto sector that is thriving at a brisk pace. He mentioned the names of countries who have backed their stance either by banning or regulating cryptocurrencies that include, Russia, China, Thailand, Bolivia, Ecuador, and Algeria.

Responding to an event promoting Bitcoin-backed business, Servais, the chairman of FSMA, mentioned the warning issued by National Bank of Belgium and market watchdog as well.
<h2>Need For Regulations In Crypto Industry</h2>
The market is flooded with thousands of<a href="https://www.cryptoknowmics.com/crypto/china-strengthens-regulation-to-restrict-bitcoin-and-other-cryptocurrencies/"> virtual currencies</a> which altogether makes a combined value of more than $320 billion. He added that there are high chances to see a rise in fraudulent activities if it’s not be regulated anytime soon.

According to the official statement by the agency, bitcoins and other digital currencies due to their untraceable nature are incredibly prone to cybercrimes. As they can be an aid in cybercrime committed without leaving any traces, it is everywhere on the darknet.

Noting the growing number of<a href="https://www.cryptoknowmics.com/crypto/bitsop-partners-with-the-largest-shopping-mall-operator-in-the-us/"> Bitcoin vending machines</a> as well as ATMs in Belgium, Servais referred to the warnings from Nobel laureates and economist on the thriving crypto economy. Furthermore, the chairman also referred to the 2014 royal decree that prohibits the sale of any professional products based on digital currencies. As a result, there is a need for a legal framework not only for digital currencies but all related financial products to save consumers from increasing frauds and prevent cybercrimes.

Belgium FSMA Pushes Govt To Bring Regulations For Virtual Currencies

Financial Services and Markets Authority is pushing the Belgium government to bring regulations in cryptocurrency sector to prevent increasing frauds.

Javeria is into the crypto world ever since she heard about it and is pursuing her interest through cryptoknowmics. She is a sensational poet, technical writer and content strategist. Not to mention that she can go crazy when it comes to vampires and Wonder woman.

Belgium FSMA Pushes Govt To Bring Regulations For Virtual Currencies

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