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Belgium: fintech & payments regulation

Regulated

FSMA-regulated fintech; crypto white paper notifications; no specific VASP license

Lead regulator:
Financial Services and Markets Authority (FSMA)
Key law:
Law of 2 August 2002 on the supervision of the financial sector
Last updated:
2026-07-12

The FSMA is the primary regulator for financial services, including fintech and investment activities, under the Law of 2 August 2002. Crypto-asset service providers must comply with specific notification procedures for white papers when offering assets to the public or admitting them to trading. The regulatory framework emphasizes prior notification for cross-border services and strict oversight of qualifying holdings.

The regime distinguishes between general financial services and specific crypto-asset offerings, requiring a 20-working-day prior notification for crypto white papers. Traditional financial entities, such as investment firms and bureaux de change, face mandatory registration or authorization processes. The National Bank of Belgium also plays a role in supervising central securities depositories.

Recent regulatory activity focuses on procedural compliance for market access, including notifications for UCITS, AIFs, and cross-border investment services. The FSMA maintains a robust supervisory stance on prudential assessments and operational rules for financial institutions. There is no specific standalone VASP license mentioned in the provided documents, implying regulation under existing financial service categories or general prohibitions if unlicensed.

Who regulates

  • Financial Services and Markets Authority (FSMA)

    Primary supervisor for financial services, investment firms, and crypto-asset white paper notifications

    [1][2][3][4][5][6][7][8][9]

  • National Bank of Belgium

    Competent authority for central securities depositories

    [10]

Core laws & rules

  • Law of 2 August 2002 on the supervision of the financial sector and on financial services (2002)

    Establishes the legal framework for financial sector supervision, defines key terms, and designates the FSMA as the competent authority.

    [9]

  • Royal Decree of 11 June 2015 (2015)

    Designates the National Bank of Belgium as the primary competent authority for central securities depositories under EU Regulation 909/2014.

    [10]

Licensing & registration

  • Crypto-asset white paper notification

    Offerors must notify the FSMA at least 20 working days prior to publishing white papers for crypto-asset offers to the public or admission to trading. Timeline: 20 working days prior

    [1]

  • Bureau de change registration

    Mandatory pre-operational registration process involving disclosure of shareholders and management. Timeline: Pre-operational

    [8]

  • Investment services (non-EEA/UK)

    Prior notification required for cross-border provision of investment services; UK firms must transition to third-country authorization or branch establishment. Timeline: Prior to activity

    [4][5]

Restrictions & warnings

  • Non-EEA investment firms must restrict activities to eligible counterparties and professional clients under the freedom to provide services.

    [4]

  • Prudential assessment of qualifying holdings is mandatory for acquisitions, increases, or disposals in regulated entities.

Direction of travel

  • Regulatory focus remains on procedural compliance for market access, including notifications for funds and cross-border services, with no indication of a new standalone VASP licensing regime in the provided documents.

    Low confidence — verify with the regulator before relying on this.

Sources

  1. 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
  2. Notification procedure for UCITS from other EEA Member States marketing in Belgium · 2023-03-29
  3. National marketing requirements for UCITS and AIFs · 2022-01-25
  4. Provision of Investment Services in Belgium on a Cross-Border Basis by Foreign Investment Firms · 2019-02-21
  5. Provision of investment services and performance of investment activity in Belgium by UK companies after Brexit · 2019-02-21
  6. Marketing AIFs in Belgium without a passport to professional investors · 2017-02-24
  7. Rules of management and operation for institutions for occupational retirement provision · 2008-08-26
  8. Memorandum on the registration procedure for a bureau de change governed by Belgian law · 2006-05-31
  9. Law of 2 August 2002 on the supervision of the financial sector and on financial services · 2002-08-02
  10. Royal Decree of 11 June 2015 designating the competent authority for central securities depositories · 2015-06-11

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This guide is compiled automatically from 10 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.