Belgian crypto exchange providers must register with the authorities if they plan to start operating after May 1, the country's financial regulator said in a statement Friday.

Those already operating have until June to notify the regulator under a law finalized in February, which also covers providers of custodial crypto wallets.The move follows European Union laws known as the Fifth Anti-Money Laundering Directive, intended to ensure wallet providers report suspicious activity.Failure to comply can lead to a year in jail or a fine of 10,000 euros ($10,500).

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