BELGIUM Law and Practice Contributed by: Joan Carette, Philippe De Prez and Thomas Derval, Simont Braun
6. Marketplaces, Exchanges and Trading Platforms 6.1 Permissible Trading Platforms There are essentially three main types of trading plat - forms: regulated markets, multilateral trading facilities (MTFs) and organised trading facilities (OTFs). Trading platforms for crypto-assets are also regulated since MiCA entered into force. MiFID II provisions pertaining to trading platforms have been implemented in Belgian law mainly through the Investment Services Law, which is divided into two sections, the first one covering regulated markets and the second being dedicated to MTFs and OTFs. Regulated markets must obtain a licence from the Minister of Finance, assisted by the FSMA. This agree - ment is subject to many prudential requirements, such as the fitness and properness of the management and the shareholding, and the implementation of adequate organisation and control processes. OTFs and MTFs can only be exploited by specific licensed entities – ie, credit institutions, stockbroking firms and market operators. In addition to the require - ments applicable to their existing licence, these enti - ties are subject to an extra layer of requirements set out in the Investment Services Law. Trading platforms for crypto-assets can only be exploited with a MiCA CASP licence. 6.2 Regulation of Different Asset Classes Generally speaking, all asset classes are subject to equivalent regulatory regimes. Financial/investment instruments are covered by the Belgian implemen - tation of MiFID II and Prospectus Regulation frame - works, while crypto-assets (with some exceptions) are now governed by MiCA. To help delineate the two regimes, the FSMA pub - lished a Communication on 22 November 2022 on the classification of crypto-assets as securities, investment instruments or financial instruments. In December 2024, ESMA also published guidance on the classification of crypto-assets and their potential
In addition to those, payment processors may in prin - ciple create or implement new private payment sys - tems. 5.2 Regulation of Cross-Border Payments and Remittances PSD2 With the PSD2, the EU legislator wanted to create an efficient and integrated market for payment services, regulating cross-border payments in the same way throughout the EU. This has been transposed into Belgian law by the PI & EMI Law (in relation to the prudential regime of PIs) and the CEL (in relation to the conduct-of-business rules for all PSPs). In June 2023, the European Commission published proposals to improve the existing legal framework and ultimately replace it with the Third Payment Services Directive (PSD3) and the PSR. Agreement on these proposals was reached at the end of November 2025 Belgium is part of the Single Euro Payments Area (SEPA), a system that establishes a single set of tools and standards, making cashless cross-border payments in euros as efficient and easy as national payments. SEPA enables European businesses, con - sumers and governments to make and receive credit transfers, direct debit payments and card payments under the same conditions. Cross-Border Payment Regulation EU Regulation 2021/1230 of 14 July 2021 on cross- border payments in the Union requires PSPs to apply the same charges for cross-border electronic payment transactions in euros within the European Union. Instant Payments Regulation The Instant Payments Regulation (IPR) amends and complements the SEPA framework and operates alongside PSD2/PSD3 and PSR. Unlike a directive, it is directly applicable in all member states. The IPR entered into force on 8 April 2024. Key implementa - tion deadlines followed, including the requirement for banks to be able to receive instant payments from 9 January 2025 and to send instant payments by 9 October 2025 for euro-area providers. following trilogue negotiations. Single Euro Payments Area
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