BELGIUM Trends and Developments Contributed by: Christophe Romero and Senne Verholle, Aeacus Lawyers
creates a disconnect between regulatory compliance and practical usability. Even fully compliant service providers and investors may encounter difficulties in accessing or maintaining banking relationships. Market impact and practical implications More broadly, MiCA contributes to the formalisation of the crypto-asset market and accelerates a process of professionalisation. Smaller or less structured actors may struggle to meet the new requirements, while more established providers are likely to strengthen their position. For clients, regulatory compliance is becoming a baseline requirement. The key challenge is increas- ingly the ability to operate within an interconnected framework combining regulatory, tax and banking constraints. Taxation of crypto-assets: increased clarity, persistent qualification uncertainty Introduction of a capital gains tax in Belgium A major development in the Belgian legal landscape is the introduction of a capital gains tax on financial assets. Historically, Belgium was one of the few Euro- pean jurisdictions that did not apply a general capital gains tax to private individuals, relying instead on a distinction between normal asset management and speculative or professional activity. From 1 January 2026, this position changes. Capital gains realised by individuals are, in principle, subject to a flat-rate tax of 10%, subject to an annual exemp- tion threshold. Importantly, crypto-assets are explicitly included within the scope of this new regime. At first sight, this appears to provide long-awaited clarity for investors. In practice, this clarity remains limited. Mechanics of the capital gains tax The taxable gain is, in principle, calculated as the dif- ference between the transfer value and the acquisition value of the asset. The regime includes the following key elements: • a flat-rate tax of 10% on capital gains; • an annual tax-free allowance of EUR10,000, increasing by EUR1,000 per year up to EUR15,000;
• a grandfathering rule excluding gains accrued up to 31 December 2025; • the application of a first-in, first-out (FIFO) method to determine acquisition value; and • the absence of deductibility of costs and taxes when calculating the taxable gain. From a methodological perspective, the FIFO method implies that, where multiple acquisitions of the same asset have occurred, the earliest acquired units are deemed to be disposed of first. While this method pro- vides administrative simplicity, it may lead to higher taxable gains in volatile markets, particularly where earlier acquisitions were made at lower prices. In practice, the application of these rules requires accurate tracking of acquisition prices, transaction dates and disposal values. Given the fragmented nature of crypto transactions across multiple plat- forms and wallets, this can present significant practi- cal challenges for taxpayers. In addition, the inability to deduct costs or fees may further distort the calcula- tion, as the taxable gain does not necessarily reflect the investor’s net economic result. Continued qualification uncertainty and structural criticism To fully understand the impact of the new regime, it is essential to consider how the Belgian tax framework operated prior to 2026. Under the previous system, capital gains realised by individuals were, in principle, exempt where they fell within the scope of the normal management of private assets. Only where transac- tions were considered speculative, or fell outside nor- mal asset management, would gains be taxed at a rate of 33%. Against that background, one might reasonably have expected that the introduction of a general capital gains tax would replace this distinction with a uni- form regime applying a single rate to all gains. This is not the case. While the new regime introduces a flat-rate tax of 10% for gains realised within normal asset management, the distinction between normal and speculative activ- ity remains fully applicable. Speculative gains con- tinue to be taxed at 33%, and professional activities
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