Law of 11 December 2025 implementing Regulation (EU) 2023/1114 on markets in crypto-assets and amending various financial regulations

Title

2025009586

11 DECEMBER 2025. - Law implementing Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937, and of Regulation (EU) 2023/1113 of the European Parliament and of the Council of 31 May 2023 on information accompanying transfers of funds and certain crypto-assets and amending Directive (EU) 2015/849 and containing miscellaneous financial provisions

Source: Finance

Publication: 24 December 2025

Number: 2025009586

Page: 97019

Case Number: 2025-12-11/13

Entry into force: 3 January 2026

This text has amended the following texts:

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1987004122

2006003247

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2016003373

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2019041038

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2019A40586

Table of Contents Art. 1 BOOK II.

• IMPLEMENTATION OF REGULATION (EU) 2023/1114 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL OF 31 MAY 2023 ON MARKETS IN CRYPTO-ASSETS AND AMENDING REGULATIONS (EU) NO 1093/2010 AND (EU) NO 1095/2010 AND DIRECTIVES 2013/36/EU AND (EU) 2019/1937, AND OF REGULATION (EU) 2023/1113 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL OF 31 MAY 2023 ON INFORMATION ACCOMPANYING TRANSFERS OF FUNDS AND CERTAIN CRYPTO-ASSETS AND AMENDING DIRECTIVE (EU) 2015/849 TITLE I.
• INITIAL PROVISIONS Art. 2 TITLE II.
• OFFERS TO THE PUBLIC AND REQUESTS FOR ADMITTANCE TO TRADING OF CRYPTO-ASSETS OTHER THAN ASSET-REFERENCED TOKENS OR E-MONEY TOKENS Art. 3 TITLE III.
• ASSET-REFERENCED TOKENS (ARTS) CHAPTER I.
• Competent authorities Art. 4 CHAPTER II.
• Common provisions for offers to the public or requests for admittance to trading by a credit institution or by an entity that does not have the status of a credit institution - Opinion of the FSMA Art. 5-8 CHAPTER III.
• Offer to the public or request for admittance to trading by a credit institution Section I.
• Intervention by the Bank Art. 9-10 Section II.
• Aspects relating to the credit institution Art. 11 CHAPTER IV.
• Offer to the public or request for admittance to trading by a person who does not have the status of a credit institution Art. 12-13 TITLE IV.
• E-MONEY TOKENS CHAPTER I.
• Competent authority Art. 14 CHAPTER II.
• Offers to the public or requests for admittance to trading Art. 15-17 TITLE V.
• CRYPTO-ASSET SERVICE PROVIDERS (CASP) CHAPTER I.
• Competent authorities Art. 18-20 CHAPTER II.
• Entities falling under the competence of the Bank Section I.
• Common provisions Art. 21 Section II.
• Entities referred to in Article 60 of Regulation 2023/1114 Art. 22-24 Section III.
• Entities subject to a supervisory status wishing to offer crypto-asset services without falling under the application of Article 60 of Regulation 2023/1114 Art. 25-28 CHAPTER III.
• Entities falling under the competence of the FSMA Section I.
• Entities subject to a supervisory status Subsection I.
• Common provisions Art. 29-30 Subsection II.
• Entities referred to in Article 60 of Regulation 2023/1114 Art. 31 Subsection III.
• Entities subject to a supervisory status wishing to offer crypto-asset services without falling under the application of Article 60 of Regulation 2023/1114 Art. 32 Section II.
• Entities referred to in Article 59 of Regulation 2023/1114 that are not subject to a supervisory status Subsection I.
• Authorisation Art. 33-35 Subsection II.
• Ongoing supervision Art. 36 TITLE VI.
• PREVENTION AND PROHIBITION OF MARKET ABUSE IN RELATION TO CRYPTO-ASSETS Art. 37 TITLE VII.
• COOPERATION CHAPTER I.
• National cooperation Art. 38-40 CHAPTER II.
• International cooperation Art. 41-43 TITLE VIII.
• RECOVERY MEASURES AND SANCTIONS CHAPTER I.
• Measures and sanctions imposed by the Bank Art. 44-50 CHAPTER II.
• Measures and sanctions imposed by the FSMA Art. 51-57 TITLE IX.
• CRIMINAL AND CIVIL SANCTIONS Art. 58-59 TITLE X.
• AMENDING PROVISIONS CHAPTER I.
• Amendments to the Law of 22 February 1998 establishing the organic statute of the National Bank of Belgium Art. 60-62 CHAPTER II.
• Amendments to the Law of 2 August 2002 concerning the supervision of the financial sector and financial services Art. 63-74 CHAPTER III.
• Amendments to the Law of 3 August 2012 concerning collective investment undertakings that meet the conditions of Directive 2009/65/EC and undertakings for collective investment in transferable securities Art. 75-76 CHAPTER IV.
• Amendments to the Law of 19 April 2014 concerning alternative investment fund managers and their undertakings for collective investment Art. 77-78 CHAPTER V.
• Amendments to the Law of 25 April 2014 on the status of and supervision of credit institutions Art. 79-80 CHAPTER VI.
• Amendments to the Law of 25 October 2016 concerning access to the business of investment service providers and concerning the status of and supervision of portfolio management companies and investment advice companies Art. 81-82 CHAPTER VII.
• Amendments to the Law of 18 September 2017 on the prevention of money laundering and terrorist financing and on the restriction of the use of cash Art. 83-95 CHAPTER VIII.
• Amendments to the Law of 21 November 2017 on financial instrument market infrastructures and transposing Directive 2014/65/EU Art. 96 CHAPTER IX.
• Amendments to the Law of 11 March 2018 concerning the status of and supervision of payment institutions and e-money institutions, access to the business of payment service providers and to the activity of issuing e-money, and access to payment systems Art. 97-115 CHAPTER X.
• Amendments to the Law of 11 July 2018 on the offer of investment instruments to the public and the admittance of investment instruments to trading on a regulated market Art. 116 CHAPTER XI.
• Amendments to the Law of 20 July 2022 on the status of and supervision of stock exchange companies Art. 117-121 CHAPTER XII.
• Amendments to the Code of Economic Law Art. 122 BOOK III.
• IMPLEMENTATION OF DIRECTIVE (EU) 2024/790 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL OF 28 FEBRUARY 2024 AMENDING DIRECTIVE 2014/65/EU ON MARKETS IN FINANCIAL INSTRUMENTS TITLE I.
• AMENDMENTS TO THE LAW OF 2 AUGUST 2002 CONCERNING THE SUPERVISION OF THE FINANCIAL SECTOR AND FINANCIAL SERVICES Art. 123 TITLE II.
• AMENDMENTS TO THE LAW OF 25 OCTOBER 2016 CONCERNING ACCESS TO THE BUSINESS OF INVESTMENT SERVICE PROVIDERS AND CONCERNING THE STATUS OF AND SUPERVISION OF PORTFOLIO MANAGEMENT COMPANIES AND INVESTMENT ADVICE COMPANIES Art. 124 TITLE III.
• AMENDMENTS TO THE LAW OF 21 NOVEMBER 2017 CONCERNING FINANCIAL INSTRUMENT MARKET INFRASTRUCTURES AND TRANSPOSING DIRECTIVE 2014/65/EU Art. 125-135 BOOK IV.
• PROVISIONS ON THE SERVICE FOR MEDIATION IN FINANCIAL MATTERS AND THE INSURANCE OMBUDSMAN TITLE I.
• AMENDMENTS TO THE LAW OF 2 AUGUST 2002 CONCERNING THE SUPERVISION OF THE FINANCIAL SECTOR AND FINANCIAL SERVICES Art. 136-142 TITLE II.
• AMENDMENTS TO THE LAW OF 22 MARCH 2006 CONCERNING MEDIATION IN BANKING AND INVESTMENT SERVICES AND THE DISTRIBUTION OF FINANCIAL INSTRUMENTS Art. 143-144 TITLE III.
• AMENDMENT TO THE LAW OF 21 DECEMBER 2013 CONCERNING VARIOUS PROVISIONS ON FINANCING FOR SMALL AND MEDIUM-SIZED ENTERPRISES Art. 145 TITLE IV.
• AMENDMENTS TO THE LAW OF 4 APRIL 2014 CONCERNING INSURANCE Art. 146 TITLE V.
• AMENDMENTS TO THE JUDICIAL CODE Art. 147 BOOK V.
• MISCELLANEOUS PROVISIONS TITLE I.
• AMENDMENTS TO THE LAW OF 11 AUGUST 1987 CONCERNING THE GUARANTEE OF WORKS IN PRECIOUS METALS Art. 148-150 TITLE II.
• AMENDMENTS TO THE LAW OF 2 AUGUST 2002 CONCERNING THE SUPERVISION OF THE FINANCIAL SECTOR AND FINANCIAL SERVICES Art. 151-152 TITLE III.
• AMENDMENTS TO THE LAW OF 1 APRIL 2007 ON PUBLIC TAKEOVER BIDS Art. 153-156 TITLE IV.
• AMENDMENTS TO THE LAW OF 18 SEPTEMBER 2017 ON THE PREVENTION OF MONEY LAUNDERING AND TERRORIST FINANCING AND ON THE RESTRICTION OF THE USE OF CASH Art. 157-161 TITLE V.
• AMENDMENTS TO THE LAW OF 21 NOVEMBER 2017 ON FINANCIAL INSTRUMENT MARKET INFRASTRUCTURES AND TRANSPOSING DIRECTIVE 2014/65/EU Art. 162 TITLE VI.
• AMENDMENTS TO THE LAW OF 11 JULY 2018 ON THE OFFER OF INVESTMENT INSTRUMENTS TO THE PUBLIC AND THE ADMITTANCE OF INVESTMENT INSTRUMENTS TO TRADING ON A REGULATED MARKET Art. 163 TITLE VII.
• AMENDMENTS TO THE LAW OF 22 APRIL 2019 INTRODUCING A BANKER'S OATH AND A DISCIPLINARY REGIME FOR THE BANKING SECTOR Art. 164 TITLE VIII.
• AMENDMENTS TO THE CODE OF ECONOMIC LAW Art. 165-166 TITLE IX.
• AMENDMENTS TO THE CODE OF COMPANIES AND ASSOCIATIONS Art. 167-168 BOOK VI.
• REPEAL PROVISIONS Art. 169

Text

Article 1 . § 1. This law regulates a matter as referred to in Article 74 of the Constitution. § 2. Book II of this law aims to implement Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937, including the transposition of the amendments made by this regulation to Directive 2013/36/EU. In particular, and without prejudice to the mission entrusted to the FSMA under Article 45, § 1, first paragraph, 5°, of the Law of 2 August 2002 concerning the supervision of the financial sector and financial services, Book II determines which authorities are competent for the application of and supervision of compliance with the provisions of Titles II, III, IV, V and VI of the aforementioned regulation and regulates the application modalities of these provisions, in particular the cooperation between the authorities and the interaction with the sectoral supervisory laws applicable to entities authorised to carry out the activities referred to in the aforementioned Titles II, III, IV, V and VI. § 3. Book II of this law also aims to implement Regulation (EU) 2023/1113 of the European Parliament and of the Council of 31 May 2023 on information accompanying transfers of funds and certain crypto-assets and amending Directive (EU) 2015/849, including the transposition of the amendments made by this regulation to Directive (EU) 2015/849. § 4. Book III of this law aims to transpose Directive (EU) 2024/790 of the European Parliament and of the Council of 28 February 2024 amending Directive 2014/65/EU on markets in financial instruments into Belgian law. § 5. Title IV of Book V provides for the partial transposition of Directive (EU) 2024/1640 concerning mechanisms to be established by Member States to prevent the use of the financial system for the purpose of money laundering or terrorist financing, amending Directive (EU) 2019/1937 and amending and repealing Directive (EU) 2015/849. § 6. Titles IV and VIII of Book V provide for the implementation of Regulation (EU) 2024/886 of the European Parliament and of the Council of 13 March 2024 amending Regulations (EU) No 260/2012 and (EU) 2021/1230 and Directives 98/26/EC and (EU) 2015/2366 as regards euro credit transfers.

BOOK II.

• IMPLEMENTATION OF REGULATION (EU) 2023/1114 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL OF 31 MAY 2023 ON MARKETS IN CRYPTO-ASSETS AND AMENDING REGULATIONS (EU) NO 1093/2010 AND (EU) NO 1095/2010 AND DIRECTIVES 2013/36/EU AND (EU) 2019/1937, AND OF REGULATION (EU) 2023/1113 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL OF 31 MAY 2023 ON INFORMATION ACCOMPANYING TRANSFERS OF FUNDS AND CERTAIN CRYPTO-ASSETS AND AMENDING DIRECTIVE (EU) 2015/849

TITLE I.

• INITIAL PROVISIONS

Art.

2 . For the purposes of this Book and its implementing decrees and regulations, the following shall be understood: 1° the National Bank of Belgium: the institution referred to in the Law of 22 February 1998 establishing the organic statute of the National Bank of Belgium, hereinafter referred to as "the Bank"; 2° the Financial Services and Markets Authority: the institution referred to in Article 44 of the Law of 2 August 2002 concerning the supervision of the financial sector and financial services, hereinafter referred to as "the FSMA"; 3° the FPS Economy: the Federal Public Service Economy, SMEs, Self-Employed and Energy; 4° Regulation 2023/1114: Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937; 5° Regulation No 1093/2010: Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/78/EC; 6° Regulation No 1095/2010: Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC; 7° SSM Regulation: Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions; 8° Directive 2013/34/EU: Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC; 9° banking law: the Law of 25 April 2014 on the status of and supervision of credit institutions; 10° Law of 11 March 2018: the Law of 11 March 2018 concerning the status of and supervision of payment institutions and e-money institutions, access to the business of payment service providers and to the activity of issuing e-money, and access to payment systems; 11° Law of 20 July 2022: the Law of 20 July 2022 on the status of and supervision of stock exchange companies; 12° special mechanism: a procedure that meets the following cumulative conditions: a) its purpose or effect is to enable or facilitate tax fraud by third parties; b) the initiative to do so is taken by the issuer itself or the issuer clearly participates actively in it, or it is the result of gross negligence on the part of the issuer; c) it consists of a series of acts or omissions; d) it has a special character, meaning that the issuer knows or should know that the mechanism deviates from the standards and normal practices regarding banking and financial transactions; 13° Regulation 2023/1113: Regulation (EU) 2023/1113 of the European Parliament and of the Council of 31 May 2023 on information accompanying transfers of funds and certain crypto-assets and amending Directive (EU) 2015/849; 14° Law of 2 August 2002: the Law of 2 August 2002 concerning the supervision of the financial sector and financial services.

TITLE II.

• OFFERS TO THE PUBLIC AND REQUESTS FOR ADMITTANCE TO TRADING OF CRYPTO-ASSETS OTHER THAN ASSET-REFERENCED TOKENS OR E-MONEY TOKENS

Art.

3 . The FSMA is the competent authority for the application of and supervision of compliance with the provisions of Title II of Regulation 2023/1114. For the purposes of the application of and supervision of compliance with these provisions, the FSMA may exercise the powers referred to in Article 94 of that regulation. When the crypto-asset service provider is an institution subject to the supervision of the European Central Bank or of the Bank, the FSMA shall inform the latter of the notification of a crypto-asset white paper by the provider in accordance with Article 8 of Regulation 2023/1114. Without prejudice to the first paragraph and with a view to the performance of its missions, the FSMA may, in the context of exercising its mission referred to in the first paragraph to supervise compliance with the provisions of Title II of Regulation 2023/1114: 1° exercise the powers referred to in Articles 34 and 35 of the Law of 2 August 2002; 2° exercise the powers referred to in Articles 79 to 85bis of the Law of 2 August 2002 according to the modalities provided for in those articles.

TITLE III.

• ASSET-REFERENCED TOKENS (ARTS)

CHAPTER I.

• Competent authorities

Art.

4 . § 1. The Bank is the competent authority for the application of and supervision of compliance with the provisions of Title III of Regulation 2023/1114. For the purposes of the application of and supervision of compliance with these provisions, the Bank may exercise the powers referred to in Article 94 of that regulation. § 2. By way of derogation from paragraph 1, the FSMA is the competent authority for the application of and supervision of compliance with Articles 27 to 29, 31 and 32 of Regulation 2023/1114. For the purposes of the application of and supervision of compliance with the provisions in the first paragraph by a provider or a person who has requested admittance to trading of an asset-referenced token as referred to in Title III of Regulation 2023/1114, the FSMA may exercise the powers referred to in Article 94 of the same regulation. In addition to the powers referred to in the second paragraph, the FSMA may, in the context of exercising its mission referred to in the first paragraph to supervise compliance with the provisions of Title III of Regulation 2023/1114: 1° exercise the powers referred to in Articles 34 and 35 of the Law of 2 August 2002; 2° exercise the powers referred to in Articles 79 to 85bis of the Law of 2 August 2002 according to the modalities laid down in those articles.

CHAPTER II.

• Common provisions for offers to the public or requests for admittance to trading by a credit institution or by an entity that does not have the status of a credit institution - Opinion of the FSMA

Art.

5 . § 1. When a file as referred to in Article 17, paragraph 1, of Regulation 2023/1114 or an authorisation application as referred to in Article 18 of that regulation is submitted to the Bank, the Bank shall give its opinion based on an opinion of the FSMA, which relates to the following aspects: 1° whether the offer in question can be considered as an offer to the public within the meaning of Article 3, paragraph 1, point 12), of Regulation 2023/1114, as further specified pursuant to paragraph 2 of that article, to confirm that the offer falls within the scope of Title III of that regulation; 2° whether the legal opinion as referred to in Article 17, paragraph 1, point b), ii), first indent, and Article 18, paragraph 2, point e), i), of Regulation 2023/1114 is properly motivated, in the sense that the opinion confirms that the asset-referenced tokens cannot be regarded as financial instruments within the meaning of Article 3, paragraph 1, point 49), of that regulation; 3° whether the policies and procedures as referred to in Article 17, paragraph 1, point b), iv), and Article 18, paragraph 2, points l) and q), of Regulation 2023/1114 concerning the handling of complaints and conflicts of interest as referred to in Articles 31 and 32 of that regulation respectively are complied with; and 4° whether the draft white paper meets the requirements of Article 19 of Regulation 2023/1114. § 2. When the Bank is notified in accordance with Article 25 of Regulation 2023/1114 of a change to the white paper, it shall give its opinion, based on the opinion of the FSMA, on the conformity of the amended draft white paper with the requirements of Article 19 of that regulation.

Art.

6 . § 1. With a view to the opinion referred to in Article 5, § 1, 1° to 3°, the Bank shall immediately bring to the attention of the FSMA the information that the issuer has communicated to it in accordance with Article 17, paragraph 1, or Article 18 of Regulation 2023/1114. With a view to the opinion referred to in Article 5, § 1, 4°, the Bank shall inform the FSMA without delay of the draft white paper that it considers complete and which it has communicated to the European Central Bank and, where applicable, to the central bank referred to in Article 17, paragraph 5, first paragraph, of Regulation 2023/1114. § 2. With a view to the opinion referred to in Article 5, § 2, the Bank shall immediately bring to the attention of the FSMA the amended draft white paper and the information that the issuer has communicated to it in accordance with Article 25, paragraphs 1 and 2, of Regulation 2023/1114. § 3. When the applying issuer brings an updated version of the documents referred to in paragraphs 1 and 2 to the attention of the Bank, the Bank shall communicate them to the FSMA immediately upon receipt.

Art.

7 . § 1. The FSMA shall issue its opinion as soon as possible, to enable the Bank to give its opinion within the time limits imposed by Regulation 2023/1114, in particular by Articles 17 and 20, or by the technical regulatory or implementing standards adopted by the European Banking Authority or the European Securities and Markets Authority pursuant to this regulation, and no later than the final deadline by which the Bank must give its opinion pursuant to the aforementioned provisions, and in accordance with the provisions of the protocol referred to in Article 38.

Art.

8 . The opinion of the FSMA shall be attached to the notification of the decision of the Bank to the relevant applying issuer. The failure to issue an opinion within the final deadline determined in Article 7 shall be deemed to constitute a positive opinion regarding compliance with the provisions of Article 5, § 1, 2°, 3° and 4° and § 2 or shall be deemed to constitute an opinion that the offer can be considered as an offer to the public regarding the aspect referred to in Article 5, § 1, 1°.

CHAPTER III.

• Offer to the public or request for admittance to trading by a credit institution

Section I.

• Intervention by the Bank

Art.

9 . § 1. Without prejudice to the requirements of the banking law, in particular Articles 18, 19, 21, 76 and 90, and of the directly applicable European legal acts adopted on the basis of the European directives transposed by this Book, and without prejudice to the powers of the European Central Bank under the SSM Regulation, the Bank shall examine the white paper and the notification sent to it pursuant to Article 17, paragraph 1, of Regulation 2023/1114 and shall communicate its decision regarding their completeness within the period of 20 working days as mentioned in paragraph 3, first paragraph, of that article or in the technical regulatory standards adopted pursuant to Article 17, paragraph 8, of that regulation, to the credit institution, indicating the shortcomings in d