BELGIUM Law and Practice Contributed by: Joan Carette, Philippe De Prez and Thomas Derval, Simont Braun
crypto-assets and their potential intersection with other types of regulation and asset classes. 6.3 Impact of the Emergence of Cryptocurrency Exchanges The emergence of cryptocurrency exchanges has led to the adoption of several regulations, both at the European level and in Belgium. As of 30 December 2024, all centralised and some decentralised exchanges are regulated by MiCA, making the Belgian VASP-regime (from the AMLD5 framework) obsolete in the near future. In addition, the FSMA Regulation of 5 January 2023 prescribes additional marketing rules when commercialising virtual currencies to consum - ers in Belgium, irrespective of the location of the advertiser. Lastly, the FSMA Regulation of 3 April 2014 prohibits the professional marketing of financial products, the return of which depends directly or indirectly on cryptocurrencies. This regulation seriously limits the distribution schemes and structuring of crypto-assets. 6.4 Listing Standards Article 30 of the Investment Services Law requires regulated market operators to ensure that the regulated markets they operate and/or manage adopt clear, non-discriminatory, objec - tive and transparent listing standards. These standards must also allow the markets to ensure that the issuers comply with the information requirements under EU law (initial, periodic and occasional information). With respect to deriva - tives, these listing standards must ensure that the characteristics of the derivatives allow for an orderly rating and efficient settlement.
Regulated market rules are subject to the prior approval of the FSMA and must be published on the market operator’s website. OTFs and MTFs are also required to adopt trans - parent and non-discriminatory listing standards. Generally speaking, OTFs and MTFs are subject to softer requirements than regulated markets. 6.5 Order Handling Rules Market rules must allow for the efficient handling of orders. In addition, MiFID II rules of conduct and their delegated regulations apply in Belgium. The same also applies for MiCA, which intro - duces order handling rules for CASPs. Articles 27quater and 28 of the Financial Super - vision Law further specify that regulated entities executing clients’ orders must ensure that these are handled quickly, fairly and efficiently. They must also take sufficient measures to ensure that the best possible result is achieved, taking into consideration the price, cost, speed, probability of the execution, the size, nature and any other relevant criteria pertaining to the order (the “best execution” principle). 6.6 Rise of Peer-to-Peer Trading Platforms Due to various legal obstacles, the Belgian mar - ket is not yet mature in respect of peer-to-peer trading platforms. Therefore, at this stage, no impact can truly be observed. A change in this respect may, however, be expected due to the entry into force of the Crowdfunding Regulation, but this remains to be seen. This regulation sets up a European passport for crowdfunding platforms. See 4.1 Differences in the Business or Regulation of Fiat Currency Loans Provided to Different Enti -
64
CHAMBERS.COM
Powered by FlippingBook