Background
The European regulation MiCAR (Regulation (EU) 2023/1114) entered into force on 9 June 2023 and became fully applicable across the European Union on 30 December 2024. Member States are required to designate national competent authorities and establish a harmonised framework for crypto-assets, thus avoiding a patchwork of divergent national regimes.
1. Scope and Structure of the Law
On 24 December 2025, Belgium published its law implementing MiCAR, which transposes the Regulation into national law, amends existing financial sector legislation, and clarifies the allocation of supervisory responsibilities by designating the competent authorities. The law also updates statutory terminology, replacing references to "virtual currency" with "crypto-asset" in relevant statutes.
2. Competent Authorities and Supervision – A Dual Model
A central issue for market participants is the allocation of supervisory responsibilities. The law confirms that Belgium designates two authorities for crypto-asset oversight: the Financial Services and Markets Authority (FSMA) and the National Bank of Belgium (NBB).
This dual-authority model has important operational implications:
- The FSMA is charged with conduct-related supervision, including oversight of public offers, white-papers, marketing communications and ongoing obligations of crypto-asset service providers (CASPs) and issuers of crypto-assets under Title II of MiCAR (other than ARTs and EMTs).
- The NBB is tasked with prudential supervision for issuers of certain tokens (such as ARTs and EMTs) and for regulated financial institutions engaged in crypto-asset business.
- In addition, the law provides that for certain “asset-referenced tokens” (ARTs) the NBB handles prudential and offer-supervision, while FSMA retains the conduct dimension.
- The Federal Public Service Economy (FPS Economy) is also given limited powers regarding e-money tokens, particularly to enforce the prohibition on paying interest on EMTs and certain issuance and redemption rules.
3. Single Point of Contact Requirement – A Divergence from MiCAR
Under MiCAR (Article 93), each Member State must designate one competent authority as single point of contact for cross-border cooperation (with European Securities and Markets Authority – ESMA and European Banking Authority – EBA).
It is noteworthy that the Belgian law designates both the FSMA and the NBB as “single point of contact” for cross-border cooperation and interaction with ESMA and EBA, as set out in Article 43. This approach diverges from MiCAR, which requires each Member State to designate one competent authority as the single point of contact when several competent authorities are designated at national level.
The Belgian solution, which splits this role between two authorities depending on the relevant MiCAR Title, may create uncertainty or confusion in practice, particularly regarding coordination and communication with European authorities and other Member States.
4. Public Offer / Admission to Trading of Crypto-Assets
As per MiCAR, three broad asset categories are distinguished: e-money tokens (EMTs), asset-referenced tokens (ARTs) and “other crypto-assets” (those falling outside EMT/ART definitions).
Under the Belgian law
E-Money Tokens (EMTs)
- EMTs are subject to the prudential regime applicable to e-money (with NBB oversight).
- The NBB acts as the competent authority for both authorisation and ongoing supervision of EMT issuers, in line with the transposition of the E-Money Directive (EMD II). The Federal Public Service of Economy (FPS Economy) is also responsible for enforcing the prohibition on interest on EMTs and certain rules regarding their issuance and redemption.
Asset-Referenced Tokens (ARTs)
- ARTs are subject to stricter rules: issuance, redemption, capital/asset backing, public-offer disclosure, etc., supervised by NBB (prudential) and FSMA (conduct).
- A dual supervisory model applies: the NBB is responsible for prudential requirements (including governance, own funds, and asset reserve obligations, as well as public offering rules), while the FSMA supervises conduct of business rules, including the publication of white papers, marketing communications, complaint handling, and conflicts of interest. The NBB will consult the FSMA before making decisions on authorisation or enforcement.
Other crypto-assets (non-EMT/ART)
- The FSMA holds exclusive responsibility for overseeing the public offer and admission to trading of crypto-assets that do not qualify as EMTs or ARTs. Entities intending to make a public offer, seek admission to trading, or operate a trading platform for such crypto-assets are required to notify the FSMA of the crypto-asset white paper along with any marketing materials if so requested. Prior approval from the FSMA is not required but ongoing obligations apply. Where the entity making the offer is already under the supervision of the NBB or the ECB, the FSMA must inform the relevant authority upon notification of the white paper.
The law also amends domestic Belgian laws: e.g., replacing “virtual currency” with “crypto-asset” in key statutes, and updating the Banking Act so that stable-coin issuance under MiCAR is covered by the passport regime.
5. Crypto-Asset Service Providers (CASPs) – Licensing and Conduct
CASPs will face licensing, conduct, capital, governance and ongoing reporting requirements under the transposed MiCAR regime.
Dual Supervisory Regime for Regulated Financial Institutions
Entities supervised prudentially (by NBB or, for certain aspects, by the FSMA) are subject to a dual supervisory regime:
- the NBB remains responsible for prudential supervision
- the FSMA is responsible for conduct of business supervision under MiCAR
Regulated financial institutions listed in Article 60 MiCAR (such as credit institutions, investment firms, e-money and payment institutions):
- are not required to apply for a new authorisation to provide crypto-asset services that are equivalent to those they are already authorised to provide
- must notify their competent authority (NBB or FSMA, as applicable) at least 40 business days in advance of their intention to provide such services and submit the required information, must adapt their internal organisation and, where applicable, update their programme of activities to reflect these new services, in line with both MiCAR and sectoral requirements
Authorisation Requirement for Unregulated Entities
CASPs not already regulated under existing sectoral legislation must obtain a specific authorisation from the FSMA before providing crypto-asset services.
The FSMA acts as the sole supervisor for both prudential and conduct requirements for these entities.
Interaction with Existing Sectoral Licences
The law explicitly states that MiCAR applies without prejudice to existing sectoral licences. Where dual regulation exists, the more onerous requirement prevails.
Where requirements under MiCAR and sectoral legislation overlap or duplicate, the more specific or stringent requirement prevails, ensuring compliance with both sets of rules.
Monopoly for CASPs
The law introduces a monopoly for the provision of crypto-asset services in Belgium, meaning only entities authorised or notified as CASPs under MiCAR may provide such services.
Supervisory Responsibilities
The FSMA is responsible for conduct supervision of all CASPs, including those prudentially supervised by the NBB, specifically regarding MiCAR’s conduct of business rules.
The NBB and FSMA are required to cooperate and exchange information, with formal procedures for consultation and non-binding opinions in the authorisation process.
Sanctions and Enforcement
In the event of serious breaches of conduct rules by prudentially supervised entities, the FSMA may request the NBB to revoke a CASP authorisation, in accordance with MiCAR and Belgian law. The NBB retains discretion in the final decision, subject to proportionality and due process.
Both the NBB and FSMA are empowered to take supervisory and enforcement measures, including suspension or prohibition of services, in case of breaches of MiCAR or the implementing law.
6. Market Abuse / Insider Rules
The FSMA is granted exclusive competence to apply and enforce the MiCAR regime’s market-abuse provisions with respect to crypto-assets.
7. Supervisory Powers and Sanctions
The law enhances the supervisory toolkit of FSMA and NBB: powers to order white-paper amendments, suspend offers or admissions, impose additional capital or risk-concentration limits, and, in serious cases, replace board members or appoint provisional managers.
Sanctions regime:
- Administrative fines up to (for issuers of ARTs/EMTs) 12.5 % of annual turnover; for CASPs up to 5 %.
- Penalty payments may be imposed on the responsible person, up to a maximum of EUR 2,500,000 per infraction and up to EUR 50,000 per day of delay, for a maximum period of six months. In addition, these amounts may not exceed 3 % of the average daily turnover achieved during the previous financial year.
- Regulators may also impose temporary management bans or prohibitions on personal trading or executive functions (in case of serious breach).
The FSMA may also summon and hear any person in relation to crypto-asset activities, and both authorities may appoint special commissioners to oversee remediation.
8. Amendments to Existing Legislation & Terminology
The law replaces references to “virtual currency” in older Belgian statutes with “crypto-asset” to align with MiCAR definitions.
The Banking Act now explicitly includes the issuance of stable-coins (ARTs/EMTs) and crypto-asset services within the European passport regime.
Also, the law of 11 July 2018 (public offers of investment instruments) is amended to clarify that MiCAR-governed crypto-assets fall outside its scope. These transitions underscore that crypto-asset players must update their legal-statutory mapping and ensure correct classification.
9. AML / CFT Provisions
The law extends the scope of the Belgian AML law to include CASPs. The previous registration regime for virtual-asset service providers is replaced by the MiCAR licensing/supervision regime.
CASPs established in Belgium (other form than branch) must designate a central contact point to FSMA; enhanced due-diligence is required for, e.g., correspondent services to third-country entities or transfers to/from self-hosted addresses.
10. Entry into Force and Transitional Arrangements
While MiCAR is already applicable EU-wide as of 30 December 2024, the Belgian law does not provide for a specific transitional regime.
The law has entered into force on 3 January 2026.
Conclusion
The Belgian law to implement MiCAR is a major milestone for the crypto-asset sector in Belgium. It brings legal certainty, harmonises the Belgian framework with MiCAR, and clarifies supervisory responsibilities. On the positive side, the main authorities are designated, token-classification regimes are defined, and a forward-looking governance and sanction framework is in place.
Nevertheless, from a practical standpoint, the dual-authority model (FSMA + NBB) may introduce additional layers of complexity and operational considerations, particularly in terms of coordination, information exchange, and regulatory clarity for market participants.
Notably, the decision to designate both the FSMA and the NBB as “single point of contact” for cross-border cooperation, rather than a single authority as envisaged by MiCAR may create uncertainty or confusion in practice, especially regarding coordination and communication with European authorities and other Member States.
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