Regulatory AlertsBelgium: fintech & payments regulation
RegulatedEU Passporting via FSMA; NBB supervises payment institutions under PSD2
- Lead regulator
- Financial Services and Markets Authority (FSMA)
- Also involved
- NBB (prudential/payment licensing) · NFIU (AML reporting) · NDPA (data privacy)
- Core law
- Law of 2 August 2002 on the supervision of the financial sector
- Entry capital
- EUR 300,000 (Payment Institution)
- Approval timeline
- 3-6 months for NBB authorization
- Customer assets
- Segregated from own funds in dedicated accounts
- Data protection
- GDPR · Belgian Data Protection Authority (APD/GBA)
- Sandbox
- No
Belgium operates under the EU Single Market framework, allowing fintechs to passport services across the EEA after obtaining authorization from the National Bank of Belgium (NBB) for payment/e-money activities. The FSMA oversees conduct, markets, and crypto-asset disclosures. The regime is mature, strictly compliant with PSD2 and MiCA, requiring robust AML/CFT frameworks and significant capital buffers for licensed entities.
Which licence do you need?
| Your activity | Requirement | Capital | Timeline | Authority |
|---|---|---|---|---|
| Payment processing / gateway | LicencePayment Institution Requires NBB authorization under PSD2; FSMA oversees conduct. | EUR 20,000 (initial) / EUR 20,000 (ongoing) | 3-6 months | National Bank of Belgium (NBB) |
| E-money & wallet issuance | LicenceElectronic Money Institution Strict capital requirement; FSMA supervises conduct aspects. | EUR 300,000 | 3-6 months | National Bank of Belgium (NBB) |
| Domestic money transfer | LicencePayment Institution Domestic transfers fall under Payment Institution licensing. | EUR 20,000 | 3-6 months | National Bank of Belgium (NBB) |
| Cross-border remittance | LicencePayment Institution Cross-border payments require NBB authorization under PSD2. | EUR 20,000 | 3-6 months | National Bank of Belgium (NBB) |
| Agent network | Registration Agents must be registered with the NBB by the licensed entity. | — | — | NBB |
| Open banking / account information | LicenceAccount Information Service Provider (AISP) Requires registration as a Payment Institution under PSD2. | EUR 20,000 | 3-6 months | National Bank of Belgium (NBB) |
| Foreign-exchange services | LicencePayment Institution[1] FX services are payment services; requires NBB authorization. | EUR 20,000 | 3-6 months | National Bank of Belgium (NBB) |
New — what changed recently
- 2026-01-29FSMA Crypto-Asset White Paper Notification Procedures — FSMA established strict notification timelines (20 working days) for crypto-asset white papers, aligning with MiCA implementation.[2]
- 2023-03-29FSMA UCITS Notification Circular — Updated mandatory notification procedures for EEA UCITS marketing in Belgium, reinforcing passporting compliance.[3]
Market-entry checklist
- 1Secure NBB AuthorizationApply to the National Bank of Belgium for Payment Institution or EMI status under PSD2.
- 2Meet Capital RequirementsEnsure EUR 20,000 (PI) or EUR 300,000 (EMI) initial capital is deposited and maintained.
- 3Register with FSMAComplete FSMA registration for conduct supervision and potential crypto-asset disclosures.
- 4Implement AML/CFT FrameworkEstablish robust compliance systems aligned with Belgian law and EU directives.
- 5Appoint Senior ManagementEnsure fit-and-proper senior managers are approved by the NBB prior to launch.
Sources
- Memorandum on the registration procedure for a bureau de change governed by Belgian law · 2006-05-31
- 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
- Notification procedure for UCITS from other EEA Member States marketing in Belgium · 2023-03-29