Joris DeeneOn 24 December 2025, the Belgian Official Gazette published the Act of 11 December 2025 , which introduces new rules for crypto. This law implements the European MiCA Regulation 2023/1114 (Markets in Crypto-Assets) and the Regulation 2023/1113 (TFR) From its entry into force on 3 January 2026, all market players—from crypto service providers to token issuers—will have to comply with a strict legal framework that protects consumers and ensures market integrity. Below, we analyze the new Belgian law, with a specific focus on the division of powers between the regulators (FSMA and the National Bank of Belgium) and the consequences of non-compliance.
The context: implementation of MicA
With the MiCA Regulation (Regulation (EU) 2023/1114 on markets in crypto-assets), the European Union has created a uniform framework for crypto markets. Although a regulation has direct effect in every EU Member State, it sometimes requires national implementing legislation to designate supervisory authorities, determine sanctions, and harmonize existing financial laws.
The Belgian legislator has done this with MiCa through the law of December 11, 2025, whereby the existing financial legislation (such as the Banking Act and the law on the supervision of the financial sector) has been thoroughly amended. The aim is twofold: on the one hand, to facilitate innovation within a legally secure framework and, on the other hand, to manage the risks for investors and financial stability.
The key message for every market participant is clear: crypto activities are now fully-fledged financial services. This means that the same strict requirements regarding governance, capital, IT security, and consumer protection apply as in the traditional financial sector.
The new ‘twin peaks’ supervisory model for crypto
The core of the law is the division of powers. Belgium adheres to a ‘twin peaks’ model, whereby powers relating to crypto-assets are divided between the Financial Services and Markets Authority (FSMA) and the National Bank of Belgium (NBB).
1. The role of the NBB
The NBB assumes the role of prudential supervisor for systemically important aspects and market stability. The law designates the NBB as the competent authority for:
- Asset-referenced tokens (ARTs): These are stablecoins that base their value on a basket of currencies or other assets. The NBB supervises their issuance and offering.
- E-Money Tokens (EMTs): These are crypto assets that refer to a single official currency (such as a digital euro on the blockchain). The NBB monitors compliance in this area, partly because EMTs are legally equivalent to electronic money.
- Crypto service providers with banking status: Credit institutions, electronic money institutions, and certain investment firms offering crypto services are subject to supervision by the NBB.
The NBB monitors in particular the solvency, liquidity, and risk management of these players.
2. The role of the FMSA
The FSMA focuses primarily on rules of conduct, consumer protection, and market infrastructure. Its powers include:
- Other crypto assets: The supervision of the issuance and trading of crypto-assets that are not ARTs or EMTs (e.g. utility tokens). The FSMA checks the accuracy of the required white paper.
- Crypto asset service providers (CASP): The FSMA is the competent authority for CASPs that are not credit institutions or stockbrokers. This includes most pure play crypto exchanges and custodians.
- Market abuse: The FSMA will have exclusive authority to take action against insider trading and market manipulation in the crypto sector.
- Perimeter control: The FSMA remains competent to take action against anyone who offers crypto-assets or services illegally (without a license or prospectus/white paper) in Belgium.
3. Mandatory cooperation
The legislator provides for a protocol between the NBB and the FSMA to coordinate this shared supervision. A notable mechanism is the ‘cross-pollination’ of licenses: when the NBB grants a license to a financial institution to offer crypto services, this is done on the basis of a binding opinion from the FSMA on the rules of conduct.
Impact on crypto service providers (CASP)
The law introduces a licensing requirement for CASPs. These are parties that offer services such as custody, operation of trading platforms (exchanges), or the exchange of crypto for fiat money.
- Permit required: It is prohibited to offer services such as CASP in Belgium without a license (or a European passport from another member state). The “gray area” has disappeared.
- Rules of Conduct: CASP’s must act in the best interests of their clients. This means transparent pricing, avoiding conflicts of interest, and publishing clear information about the risks.
- Governance: Directors must be suitable and competent. The FSMA or NBB (depending on the status) assesses the shareholder structure and the organization.
- Wallet Management: Providers of custodial wallets are subject to specific rules requiring them to separate customer assets from their own capital, so that customers do not lose their crypto in the event of bankruptcy.
Rules for token issuers
The law makes a strict distinction between different types of tokens, each with their own regime:
- E-Money Tokens (EMTs): These tokens, which track the value of an official currency (such as the euro), are legally equivalent to electronic money. This means that only recognized credit institutions or electronic money institutions may issue them. The law amends the Act of 11 March 2018 to explicitly allow electronic money institutions to provide crypto services (under certain conditions) and issue tokens.
- Asset-Referenced Tokens (ARTs): Tokens that derive their value from a basket of assets or other currencies. A credit institution wishing to issue ARTs may only do so after its white paper has been approved by the NBB. Non-credit institutions are subject to a licensing requirement.
- Other Crypto Assets: Utility tokens and other cryptos that are not ARTs or EMTs are primarily subject to a transparency obligation. The issuer must publish a crypto asset white paper that complies with the formal requirements of MiCA. Please note: although the FSMA does not ‘approve’ this white paper in advance, it must be notified and trading may be suspended if it does not comply.
Important changes to anti-money laundering legislation
The act of 11 December 2025 also makes some big changes to the Act of 18 September 2017 (the Anti-Money Laundering Act). The definition of “virtual currency” is removed and replaced with MiCA terminology. CASPs become fully regulated entities.
A new requirement for CASPs is to take specific risk mitigation measures for transactions to or from self-hosted wallets (unmanaged wallets), such as verifying the identity of the wallet owner.
Enforcement
The law provides for an extensive arsenal of measures in Title VIII, which goes far beyond warnings.
Administrative measures
Both the NBB and the FSMA can impose far-reaching recovery measures if an entity violates or threatens to violate the rules (for example, within 12 months). These measures include:
- The imposition of stricter capital or liquidity requirements.
- The appointment of a special commissioner whose approval is required for all decisions.
- The suspension or replacement of the management body.
- Ordering a correction in the event of misleading information.
Administrative fines
The fines act as a deterrent and comply with European standards:
- For legal entities, fines can amount to €5,000,000 or percentages of annual turnover (up to 12.51% for infringements involving ARTs/EMTs and 15% for market abuse).
- For natural persons, fines can amount to €700,000 or even €5,000,000 in cases of market abuse.
Criminal and civil sanctions
Certain infringements are punishable by law. For example, anyone offering tokens in Belgium without a white paper, or providing CASP services without a license, risks a prison sentence of one month to one year and/or a fine.
Article 59 is an important provision for investors. If an investor purchases crypto during an illegal public offering (e.g., without an approved white paper or from an unlicensed party), the court must declare the purchase null and void. The law establishes an irrefutable presumption in this regard: the investor's loss is deemed to be the result of the infringement.
Out-of-court dispute resolution: Ombudsfin
Finally, the law strengthens the position of consumers by reinforcing the role of the Ombudsman in financial disputes (Ombudsfin) into law. Financial institutions, including CASPs, are now required to join this service and contribute to its funding. This provides clients with an accessible way to raise disputes about crypto investments.
FAQ: Frequently Asked Questions
When does this law come into effect?
The law will come into effect on January 3, 2026. This gives market parties a short period of time to prepare for the full implementation of the rules.
As a foreign crypto exchange, am I still allowed to operate in Belgium?
Only if you have a license in another EU Member State and have registered it in Belgium via the ‘passport’ mechanism. An exchange from outside the EU (third country) may not actively target the Belgian market without establishing a branch here and applying for a license.
What if I am a victim of fraud?
The law significantly strengthens the position of consumers. In addition to the possibility of having contracts declared null and void, the supervisory authorities (FSMA/NBB) are empowered to intervene. However, the law does not offer any guarantee against price losses due to market forces; it protects against deception and the lack of accurate information.
Who monitors my crypto activities?
This depends on your activity. Do you issue stablecoins or are you a credit institution? Then you should consult the National Bank of Belgium (NBB). Do you offer exchange or custody services (as a CASP) or do you issue other tokens? Then the FSMA is your primary supervisory authority.
Can I get my investment back if a provider does not have a license?
Yes, the law provides a powerful weapon. The judge can declare the purchase of crypto assets null and void if the provider did not have the required license or did not publish an approved white paper. The damage is deemed to be the result of this infringement.
Conclusion
The law of December 11, 2025 marks the end of the ‘wild west’ in the Belgian crypto sector. From January 2026, every player—from issuers to exchanges—will operate within a mandatory framework of licenses, capital requirements, and rules of conduct. For existing players, the message is clear: the days of non-commitment are over. For investors, the law offers an unprecedented level of protection, including the possibility of having transactions with illegal providers declared null and void.
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