BELGIUM Trends and Developments Contributed by: Christophe Romero and Senne Verholle, Aeacus Lawyers
Belgian tax policy is also evolving towards data-driven enforcement. The Minister of Finance has announced the intention to expand the use of data mining tech- niques and cross-referencing of multiple data sourc- es, including financial accounts and information from crypto-asset service providers. At the same time, fully decentralised, on-chain activity may still present certain limitations from an enforce- ment perspective. However, transaction trails may remain traceable, and entry and exit points – such as exchanges or fiat conversion – continue to represent key moments of visibility. For clients, the key implication is clear: transparen- cy is no longer peripheral but central. The focus is shifting from whether information is available to the authorities, to how it is interpreted. Maintaining accu- rate records and ensuring consistency in reporting is therefore becoming essential. Blockchain, banking and repatriation of crypto- assets A further practical trend in the Belgian market con- cerns the increasing importance of banking relation- ships and the repatriation of crypto-assets into the traditional financial system. While regulatory and tax frameworks are becoming more structured, access to the banking system remains a key constraint for many clients. Belgian financial institutions continue to adopt a cautious approach to crypto-related transactions. In practice, this results in extensive due diligence before accepting incoming funds originating from crypto- assets. Banks typically request detailed information on the origin of funds, transaction history and the overall compliance position of the client. More fundamentally, one of the main challenges for clients and companies active in the blockchain eco- system remains the reluctance of banks to provide services to this sector. In certain cases, this leads to refusals to onboard or maintain relationships with crypto-exposed clients. While this approach is grad- ually evolving – partly due to MiCA and increasing transparency – it continues to represent a significant constraint in practice.
This creates a situation where regulatory compliance alone is not sufficient. Even fully compliant clients may encounter difficulties when transferring funds to Bel- gian bank accounts, as the assessment performed by banks is independent and often more conservative, particularly in light of anti-money laundering obliga- tions. As a result, the repatriation of crypto-assets has become a structured process rather than a purely technical operation. Clients are increasingly required to provide comprehensive documentation, including: • source of funds; • transaction histories; and • tax analyses supporting the declared treatment of gains and the tax-compliant origin of the invested funds. In practice, this has led to growing demand for “fund origin” reports, combining transaction reconstruction with tax and compliance analysis to provide banks with sufficient comfort regarding both the legitimacy and fiscal treatment of the assets. This trend reinforces the broader convergence between regulatory, tax and banking considerations. The ability to convert crypto-assets into fiat currency and reintegrate them into the traditional financial sys- tem is becoming a key practical challenge, particularly for clients with complex transaction histories or limited documentation. For clients, the key takeaway is clear: crypto-assets can no longer be managed in isolation. Anticipating banking requirements, ensuring proper documenta- tion and aligning tax reporting with transaction data are essential to avoid operational bottlenecks at the moment of repatriation. Conclusion: a more structured but more demanding environment The Belgian blockchain and crypto-asset landscape in 2026 is characterised by a clear shift towards greater structure, transparency, increased visibility and broad- er taxation of crypto-related activities. The combined impact of MiCA, domestic tax reform and international reporting obligations significantly reduces the legal
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