Regulatory AlertsBelgium: crypto & digital assets regulation
RegulatedVASP licensing under MiCA implemented by FSMA and NBB; strict advertising rules apply.
- Lead regulator
- Financial Services and Markets Authority (FSMA) · National Bank of Belgium (NBB)
- Also involved
- Financial Intelligence Processing Unit (AML)
- Core law
- Law of 11 December 2025 implementing Regulation (EU) 2023/1114
- Entry capital
- —
- Approval timeline
- —
- Customer assets
- Safeguard customer assets as per MiCA
- Data protection
- GDPR (EU) · Belgian Data Protection Authority
- Sandbox
- —
Belgium has fully implemented the EU Markets in Crypto-Assets (MiCA) Regulation, designating the Financial Services and Markets Authority (FSMA) and the National Bank of Belgium (NBB) as competent authorities. This establishes a comprehensive regulatory framework for crypto-asset service providers (CASPs), covering various activities. Additionally, strict rules govern the advertising and distribution of virtual currencies to consumers.
Which licence do you need?
| Your activity | Requirement | Capital | Timeline | Authority |
|---|---|---|---|---|
| Exchange / trading platform | LicenceCASP licence (MiCA)[1] Regulated under the MiCA framework. | — | — | FSMA · NBB |
| Custody of client assets | LicenceCASP licence (MiCA)[1] Regulated under the MiCA framework. | — | — | FSMA · NBB |
| Token issuance / public offering | UncertainCASP licence (MiCA) / White paper notification[1][2] Licence for ART/EMT issuance; white paper notification for other public offerings. | — | 20 working days prior to publication (white paper) | FSMA · NBB |
| Broker-dealer / OTC desk | LicenceCASP licence (MiCA)[1] Regulated under the MiCA framework. | — | — | FSMA · NBB |
| Stablecoin issuance | LicenceART/EMT issuer licence (MiCA)[1] Regulated under MiCA framework as Asset-Referenced Tokens (ART) or E-Money Tokens (EMT). | — | — | FSMA · NBB |
| Crypto payments acceptance | LicenceCASP licence (MiCA) / Payment Institution[1] May fall under MiCA or existing payment services law. | — | — | FSMA · NBB |
| Mining / staking services | Uncertainverify with regulator | — | — | — |
| Advisory / portfolio management | LicenceCASP licence (MiCA)[1] Regulated under the MiCA framework. | — | — | FSMA · NBB |
New — what changed recently
- 2026-01Procedures for notifying white papers and other documents — FSMA established detailed procedures for notifying white papers for crypto-asset offers or admissions to trading, requiring submission 20 working days prior to publication.[2]
- 2025-12Law of 11 December 2025 implementing Regulation (EU) 2023/1114 — Belgium transposed the EU MiCA Regulation into national law, establishing a comprehensive framework for crypto-assets and designating FSMA and NBB as competent authorities.[1]
- 2023-03FSMA Regulation on Restrictive Conditions for Virtual Currency Distribution / Guide to Prior Notification of Virtual Currency Advertisements — FSMA imposed strict advertising obligations, including risk warnings and pre-notification, for entities distributing virtual currencies to consumers.[3][4]
Market-entry checklist
- 1Understand MiCA requirementsFamiliarize yourself with EU Regulation 2023/1114 and its national implementation law.
- 2Identify competent authorityDetermine whether FSMA or NBB (or both) will supervise your specific crypto-asset service based on MiCA definitions.
- 3Prepare for CASP licence applicationGather necessary documentation and meet organizational, governance, and capital requirements under MiCA.
- 4Draft white paper (if applicable)For public offerings or admission to trading of non-ART/EMT crypto-assets, prepare a white paper compliant with MiCA and FSMA procedures.
- 5Notify white paper to FSMASubmit the white paper and related documents to FSMA at least 20 working days before publication.
- 6Comply with advertising rulesEnsure all marketing communications for virtual currencies adhere to FSMA's strict risk warning and pre-notification requirements.
Sources
- Law of 11 December 2025 implementing Regulation (EU) 2023/1114 on markets in crypto-assets and amending various financial regulations · 2025-12-11
- Procedures for notifying white papers and other documents relating to an offer to the public or an admission to trading of crypto-assets other than asset-referenced tokens or electronic money tokens · 2026-01-29
- FSMA Regulation on Restrictive Conditions for Virtual Currency Distribution to Consumers · 2023-03-17
- Guide to Prior Notification of Virtual Currency Advertisements in Mass Media Campaigns · 2023-03-20
This guide is compiled automatically from 4 primary-source documents published by Belgium's regulators, reviewed by RegAlert, and refreshed monthly (last updated 2026-07-12). It is not legal advice — always confirm requirements with the regulator or local counsel before acting.