Bitcoin and Ether Statement from the Belgian Regulator

According to a new rule from Belgium's financial regulator, the Financial Services and Markets Authority (FSMA), crypto exchanges and custodian wallet services in the region must register before a strict deadline.

According to the information shared by the FSMA, from May 1, legal entities and organizations that want to provide crypto exchange services or custody wallets in Belgium are required to register in advance.
Prior to the official announcement, crypto companies operating in Belgium are required to notify the FSMA of the 'implementation of their activities' within the next 2 months (before July 1).

In addition, existing businesses were given four months (until September 1) to register with the financial regulator.

Crypto service providers are required to meet seven conditions to maintain their active registration with the FSMA, including being a company with at least $52,725 (50,000 euros) capital.

The FSMA expects to process registration applications within three months, considering that all necessary information has been provided. Crypto service providers will receive a unique registration number (company number) after successful registration, which must be used for all other interactions with the FSMA.

You may be interested in: Belgian MP will receive his salary in Bitcoin

Belgium's pro-crypto stance was demonstrated in early 2022 when Brussels MP Christophe De Beukelae became the first European politician to receive a salary in Bitcoin.

As Cointelegraph reported last January, Beukelaer announced that he used the Bit4You crypto trading platform to convert his monthly salary of $6,140 into BTC.

During this statement, the MP also stated that he is trying to inspire other politicians in the region to support the growth of the crypto economy.

By How Many Points Will the FED, Crashing Bitcoin, Increase Interest?

Cryptocurrency sector has experienced a serious decline as of November. Although the main reason for these declines was the bankruptcy of the FTX stock market, the most important actor in this process to come this far was the Federal Reserve Bank (FED). The FED, which brought a great collapse in the crypto money sector and traditional financial markets with the falcon interest rate hikes, is gradually softening in interest rate increases. The FED will make the new rate hike on the evening of 14 December. According to FED Chairman Jerome Powell this evening, the Fed will soften the rate of increase in interest rates. The US Federal Reserve, which has been increasing interest rates by 75 basis points for months, will increase by 50 basis points as of December, according to the latest estimates.

Although there is a possibility that the FED will increase interest rates by 75 basis points in December, it can be seen that this rate is as small as 22 percent. In the scenario where the FTX exchange did not go bankrupt, the leading cryptocurrency Bitcoin was pushing the $ 30 thousand point, which has exceeded the resistance of $ 25 thousand as of now. BTC, which is in a big capitulation phase, needs to rise above $ 20 thousand in the future. If Bitcoin exceeds $ 20 thousand, it can start a great uptrend, and not exceeding this level can bring a decrease to the range of $ 12 thousand – $ 14 thousand.

The Nightmare Ends for Bitcoin (BTC) and Altcoins!

As of November cryptocurrency Investors had a tough time. Leading cryptocurrency experiencing sharp drops bitcoin (BTC), although it has shown upward moves as of today, it still has not been able to recover.

One of the world's largest cryptocurrency exchanges FTX's bankruptcy was seen to have deeply affected digital assets.

After FTX's bankruptcy, many projects collapsed, respectively. FTT, LEFT or SRM Names such as these caused their investors to experience very difficult days.

As of this month, the product that has experienced the most decline has been the FTX Token (FTT). FTT, which lost 95 percent of its value, came to the verge of being officially reset.

According to a successful data provider CoinMarketCap, apart from FTT, the following altcoins have also dropped more than 60 percent:

In addition to the collapsed products, it was seen that there were altcoins that managed to separate from the market. Kaspa, which gained 350 percent in value as of this month, delighted its investors.

Apart from KAS, SNM, BWO, VOLT, TEL, TWT and MASK have managed to protect their investors by experiencing an increase as of November.

As of the next month, it seems that Bitcoin's rise again can provide the recovery of altcoins.

*Stay tuned for updates!

Brazil Made Cryptocurrencies One Of The Official Payment Methods

With the bill approved in Brazil, cryptocurrencies have taken an important step towards adoption in the Latin American country. After the law goes into effect, Bitcoin will be able to be used as a means of payment in the country, and cryptocurrencies will also gain investment vehicle status. The use of cryptocurrencies in payment transactions is expected to take place under the supervision of the Brazilian Central Bank.

The approved bill also includes a clause to establish a unit to oversee the cryptocurrency industry. In this way, companies operating as crypto money service providers in the country will be strictly regulated. Thus, foreign organizations that want to operate in the country will be included in the scope of the license.

Among the regulatory rules that came to the fore in the draft law, it is important to keep customer funds separate from exchange funds, which has caused great controversy in recent days. As it is known, FTX, which brought the crypto market into chaos once again, could not meet the demands of mass withdrawals due to the use of customer funds in its commercial activities and went bankrupt.

The final obstacle to the cryptocurrency bill is Presidential approval

Presidential approval is required for this bill, which is seen as an important step in the adoption of cryptocurrencies, to be implemented.

In this process, it may take some time for the bill to become law. Because in the elections held in October in Brazil, the current President Jair Bolsonaro was narrowly defeated by his rival Lula da Silva. Discussions of post-election fraud dragged the country into political chaos for a while. Bolsonaro later thanked his voters, expressing that the law should be respected and demanded an end to the protests.

The candidate who won the election, Lula da Silva, is expected to take office with the new year. Lula da Silva's view on cryptocurrencies is to align local practices with international standards in order to prevent illegal activities in the country. In this context, the decision on the enactment of the bill may be left to the new President, Lula da Silva.