Belgium’s Financial Services and Markets Authority (FSMA) has called for greater regulation in the space of cryptocurrency.

According to a report by Finance Magnates, FSMA chairman Jean-Paul Servais proposed stricter regulations to lawmakers during a recent Senate hearing, urging them to establish a “legal framework” for the purchase, sale and use of digital currencies and related financial products. 

Servais criticized Belgian authorities’ failure to address cryptocurrency regulation, despite rapid global growth for the industry and a market capitalization of over $300 billion. He cited the potential for fraudulent activities using cryptocurrency and the impact upon investors. 

He said, 

Due to their non-traceability, the bitcoins are, and other virtual currencies, very popular in the context of cybercrime: they are ubiquitous on the darknet, since they can become cybercrime committed without leaving traces.

The statement continued, 

A legal framework should be established without delay this virtual money and related financial products, in particular, to protect consumers and the use of this virtual currency for criminal objectives.

Servais also referenced the growing popularity of bitcoin ATMs, including a number of machines that have become available in Belgium.

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