BELGIUM Law and Practice Contributed by: Joan Carette, Philippe De Prez and Thomas Derval, Simont Braun
their regulator(s) to control or request key information from their provider.
aware of the legal value of smart contracts or the information contained in the distributed ledger, the possible governance complications and the security or resilience threats that may exist at different nodes in the network. 10.3 Classification of Blockchain Assets There are currently no regulations in place that explic - itly detail the classification of crypto-assets. As a rule, if a crypto-asset displays the characteristics of a regu - lated financial or investment instrument, it may qualify as a regulated financial/investment instrument and fall within the scope of the related regulation. All block - chain assets not captured by traditional EU financial regulation are regulated under MiCA, which introduc - es a prudential regime for both crypto-asset issuers and service providers. In December 2024, ESMA published guidance on the conditions and criteria for the qualification of crypto- assets as financial instruments, as well as broader guidance on the classification of crypto-assets, including a standardised test. Local guidance includes a 2017 FSMA Communication on the risks of ICOs, where the FSMA assessed the similarities between crypto-assets, investment instru - ments, means of storage, calculation and exchange, and utility tokens, and a 2022 FSMA communication on the classification of crypto-assets as securities, financial or investment instruments, which provides some additional guidance on the most common cases where crypto-assets may classify as regulated securi - ties, investment instruments or financial instruments. 10.4 Regulation of “Issuers” of Blockchain Assets MiCA regulates the issuance and initial sale of block - chain assets that do not qualify as investment instru - ments. With its entry into force, a common licensing regime applies for crypto-asset issuers and service providers offering crypto-related services across the EEA member states. Crypto-assets that qualify as investment instruments are subject to the standard rules applicable thereto (prospectus obligation, etc).
10. Blockchain 10.1 Use of Blockchain in the Financial Services Industry Overall, traditional financial institutions in Belgium have been relatively cautious in adopting blockchain- based services, and investment in cryptocurrencies remains largely concentrated among neo-banks and foreign specialised platforms. One major incumbent launched a virtual currency in 2022 in the form of an e-money token, and announced in 2025 its intention to offer direct cryptocurrency investment products, namely ether and bitcoin, to its clients. The same incumbent is also part of a con - sortium of nine European banks that joined forces to issue a MiCA-compliant stablecoin. To date, however, it remains the only large Belgian traditional player to have officially taken such a step. In light of the strong interest shown by clients in cryp - tocurrencies, some voices have argued that offering such products should become standard practice across financial institutions. Others, however, remain hesitant, citing ethical and consumer protection con - cerns related to high volatility and the risk of signifi - cant losses. While several other major traditional players, after years of rejection, have now indicated that they are exploring this area, no concrete implementation plans have yet been announced. 10.2 Local Regulators’ Approach to Blockchain The Belgian regulators have not introduced local rules with regard to blockchain, and generally tend to fol - low the European legislation. The NBB has stated in the past that, although the technology looks promis - ing, actual use cases for distributed ledger technolo - gies are still relatively limited in number and in scope. According to the NBB, attention is particularly required concerning the use of distributed ledger technology or blockchain technology, as institutions should be
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