This FinReg Flash summarises the key recent developments in the crypto-asset legal framework in Belgium.
What’s new in Belgium?
Belgium Goes Live with MiCA – The Law of 11 December 2025 implementing MiCA entered into force on 3 January 2026. One of its most significant practical implications is the clarified allocation of supervisory powers between the Financial Services and Markets Authority (FSMA) and the National Bank of Belgium (NBB).
This is consistent with Belgium’s ‘Twin Peaks’ supervisory model: the FSMA leads on market conduct and investor protection, while the NBB focuses on prudential oversight. The allocation of responsibilities depends on the type of crypto-assets and the category of regulated entity involved.
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Standard Crypto-Assets (other than ARTs or EMTs)
The FSMA is the sole competent authority for supervising offers to the public or admission to trading of standard crypto-assets (other than stablecoins) in Belgium. This includes the notification requirements for white papers and marketing communications, the right of withdrawal for retail holders, and the conduct-of-business rules.
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Asset-Referenced Tokens (ARTs)
A ‘Twin Peaks’ allocation applies:
- The NBB is the competent authority for prudential requirements applicable to issuers of ARTs (authorisation, governance, own funds, fit & proper, qualifying holding regime, recovery and redemption plans).
- The FSMA oversees conduct-of-business rules (the obligation to act honestly, fairly and professionally in the best interests of holders, white paper publication, marketing, complaints-handling, and conflicts of interest).
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E-Money Tokens (EMTs)
The NBB is the competent authority for prudential requirements applicable to issuers of EMTs and the FPS Economy is responsible for ensuring compliance with the redeemability of EMTs and the prohibition of granting interest on EMTs.
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Crypto-Asset Services Providers (CASPs)
- The NBB is the competent authority for financial entities providing crypto-asset services that are already subject to NBB prudential supervision (e.g. credit institutions, CSDs, stockbroking firms, and payment and e-money institutions).
- The FSMA is the competent authority for other CASPs and financial entities which are already subject to FSMA prudential supervision (e.g. investment firms, UCITS managers or AIFMs and market operators).
The FSMA also acts as the sole competent authority for conduct-of-business supervision across all CASP categories (including those subject to NBB’s prudential supervision).
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Market Abuse
The FSMA is the competent authority for ensuring compliance with the rules relating to the prevention and prohibition of market abuse involving crypto-assets.
FSMA Communication on the Notification of White Papers – On 29 January 2026, the FSMA published a Communication setting out the procedures for notifying white papers and related documents, including marketing materials, for offers to the public or admissions to trading of crypto-assets (other than ARTs or EMTs) (FSMA_2026_02). A dedicated email address has been created for this purpose: whitepaper.mica@fsma.be.
Regarding marketing, the FSMA also confirmed in a Q&A that its Regulation of 5 January 2023 placing restrictive conditions on the distribution of virtual currencies to Belgian consumers, including the mandatory short warning “Virtual currencies, real risks. The only guarantee in crypto is risk.”, does not apply to marketing materials falling within the scope of MiCA.
NBB Annual Report 2025 - The Rise of Stablecoins – On 5 March 2026, the NBB published its Annual Report, which offers valuable insights into recent trends in the crypto market, with a particular focus on stablecoins. Key findings include:
- The combined market capitalisation of stablecoins increased by nearly 50% in 2025, surpassing $300 billion worldwide, driven by increased investor interest and recent regulatory developments, including the GENIUS Act in the United States.
- Although EUR-denominated stablecoins remain marginal compared to their USD counterparts, the NBB notes that several financial institutions, including European and Belgian banks, have announced partnerships with stablecoin issuers, the launch of new crypto-asset service offerings, or the issuance of their own stablecoin in compliance with the MiCA framework.
Implementation of the Crypto-Asset Reporting Framework (CARF) – On 12 March 2026, the Belgian Parliament adopted the Law implementing EU Directive 2023/2226 (DAC8). DAC8 establishes a framework for the automatic exchange of information on crypto-assets between EU Member States, with the objective of helping national tax administrations ensure compliance with local tax rules applicable to income and gains arising from crypto-asset transactions. Under DAC8, Member States must collect information from Reporting Crypto-Asset Service Providers (RCASPs) and share it annually with the country of residence of the relevant taxpayers and investors.
Want to know more?
Belgium’s crypto‑assets landscape is evolving rapidly. With MiCA now fully implemented, supervisory responsibilities clarified, and new reporting obligations emerging under DAC8, both established financial institutions and new market entrants face a transformed regulatory environment.
Our Financial Regulatory and Tax teams would be pleased to assist you in assessing the impact and opportunities of these new regulations on your activities in Belgium.
The content of this update is for informational purposes only and does not constitute legal advice or a legal opinion.
