BELGIUM Law and Practice Contributed by: Pierre E. Berger and Marc Van de Looverbosch, DLA Piper UK LLP (Brussels)
For Belgian businesses, insolvency readiness should include clear custody terms, segregation, reconcili- ation, private-key governance, access contingency, outsourcing exit plans, treatment of forks and air- drops, valuation procedures and documentation that allows a court-appointed insolvency practitioner to identify and return client assets where legally possible. 1.2.6 Industry and Trade Bodies There is no Belgian self-regulatory organisation with formal regulatory powers over the crypto-asset indus- try. Crypto-asset regulation is carried out by public authorities, primarily the FSMA and the NBB, with the Belgian Financial Intelligence Processing Unit, the Belgian Data Protection Authority and the tax admin- istration also relevant in their respective areas. Industry initiatives such as Blockchain4Belgium, fintech and digital innovation networks, Beltug and regional blockchain communities can be useful for policy dialogue, knowledge sharing and industry co- ordination. Their practical role is to bring together technology companies, financial institutions, public bodies and advisers, and to provide input on regula- tory, tax and operational issues. They do not create exemptions from MiCA, AML/CFT rules, consumer protection, data protection or financial services regu- lation. 2. Regulation 2.1 Regulators and International Alignment Belgium uses the Twin Peaks model for financial supervision. The NBB is primarily responsible for pru- dential supervision of the following: • banks;
of ART and EMT issuers where MiCA gives a national authority a role. The FSMA is responsible for market conduct, investor and consumer protection in financial markets, public offers, market integrity and many financial intermedi- aries. Under the MiCA implementing law, the FSMA is the main authority for: • standalone Article 63 CASPs; • conduct-of-business requirements for CASPs; • public offers and admissions to trading of crypto- assets other than ARTs and EMTs; • certain conduct and marketing rules for ARTs; and • MiCA market abuse rules. Other authorities can be relevant. The Federal Public Service Economy deals with consumer and commer- cial law issues and has a limited MiCA role for cer- tain EMT issuance, redemption and interest-related provisions under the Belgian Law of 11 December 2025. The Belgian Data Protection Authority super- vises GDPR compliance. The Belgian Financial Intel- ligence Processing Unit receives suspicious transac- tion reports. The tax administration and the Office for Advance Tax Rulings deal with tax treatment and advance rulings. Belgium has largely aligned its crypto-asset approach with EU and international standards rather than adopt- ing an idiosyncratic national regime. MiCA, the Trans- fer of Funds Regulation and the EBA travel rule guide- lines reflect the EU implementation of FATF-aligned AML/CFT standards. The NBB’s 2019 crypto-asset circular was based on the Basel Committee’s state- ment on crypto-asset exposures, and prudential treat- ment for banks is increasingly being shaped through EU implementation of Basel standards. IOSCO, ESMA and EBA work also influences Belgian supervisory practice through EU guidance, technical standards and supervisory convergence. 2.2 Crypto-Asset Regulatory Frameworks Crypto-assets are now characterised primarily under MiCA, unless they qualify as another regulated prod- uct such as a financial instrument, deposit, structured deposit, securitisation position, insurance product or pension product. MiCA distinguishes between EMTs,
• payment institutions; • e-money institutions; • insurers; • certain investment firms; and • other prudentially supervised entities.
Under the Belgian MiCA implementing law, the NBB is also relevant for CASPs that are already NBB- supervised entities and for the prudential supervision
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