Since 30 December 2024, the EU’s Regulation 2023/1114 on markets in crypto-assets (“MiCAR”) has been fully applicable.
In Belgium, however, the implementation process is not yet complete. A draft law is currently pending before Parliament which should formally designate the national competent authorities responsible for licensing, supervision, and enforcement of the MiCAR (the “Draft law”).
Under the current local Belgian regime, which should be fully replaced by MiCAR in 2026, the FSMA has been acting as the sole competent authority for virtual asset service providers (“VASPs”). The present regime was primarily AML-driven and limited in scope, applying only to exchange services between fiat and virtual currencies and to custodian wallet providers.
If adopted as proposed, the Draft law would replace this framework with a more complex supervisory structure, allocating competences among the Financial Services and Markets Authority (the “FSMA”), the National Bank of Belgium (the “NBB”), and the Federal Public Service (“FPS”) Economy.
I. Licensing and Supervision of Issuers of crypto-assets
The Draft law provides that, with regard to public offerings and admissions to trading, supervision will differ depending on the type of crypto-asset issued: (i) crypto-assets other than stablecoins, (ii) asset-referenced tokens (“ARTs”) and (iii) e-money tokens (“EMTs”).
a. Crypto-assets other than stablecoins
For issuers of crypto-assets other than stablecoins, the FSMA would act as the sole competent authority.
Its remit would cover the review of white papers, oversight of public offers and marketing, and enforcement of investor protection rules such as withdrawal rights and safeguards for holders.
Under MiCAR, provided the white paper is published and marketing rules are observed, no license is required for these issuers. Their activities are, however, subject to notification and oversight by the competent authority in Belgium, the FSMA.
b. Asset-referenced tokens
Issuers of ARTs would fall under a dual regime:
- the NBB would be responsible for prudential supervision, including the granting of authorisations, oversight of capital and reserve requirements, and review of recovery and redemption plans;
- the FSMA would retain responsibility for conduct of business rules supervision, covering areas such as marketing, white paper publication, complaints handling, and conflicts of interest.
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c. E-money tokens
Issuers of EMTs would be subject to a similarly divided regime:
- the NBB would handle prudential supervision, including authorisation, capital and reserve requirements, and redemption arrangements;
- the FPS Economy would be responsible for ensuring compliance with the rules on token redeemability and the prohibition of granting interest to holders.
II. Licensing and Supervision of Crypto-Asset Service Providers
The Draft law also addresses the supervision of crypto-asset service providers (“CASPs”), which will fully replace the former Belgian VASP status.
For CASPs, prudential supervision would be divided as follows:
- The NBB would oversee CASPs which are already regulated under other sectoral legislation, such as credit institutions, payment institutions, electronic money institutions, central securities depositories, and stockbroking firms;
- The FSMA would supervise a different series of CASPs, including entities already under its remit (e.g. investment firms without stockbroking status, UCITS and AIF managers, market operators), as well as new entrants seeking a license under Article 59 of MiCAR.
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Conduct-of-business supervision, however, would be centralised. The FSMA is expected to become the sole competent authority for enforcing MiCAR’s conduct obligations for all CASPs, including those falling under the NBB’s prudential oversight. This would cover duties of fair conduct, custody agreements, and service-specific requirements depending on the type of crypto-asset service.
III. Conclusion & Next steps
The Draft law has been introduced by the government but has not yet completed its parliamentary process.
It is expected to be discussed in the coming weeks, with the timeline for adoption depending on the level of consensus among political parties. Once adopted, the law will be published in the Belgian Official Journal and will enter into force 20 days later. On this basis, entry into force before the end of 2025, or at the beginning of 2026, appears realistic, but will depend on the evolving political agenda, taking into account the current budgetary negotiations within the federal government and the fact that the Draft law also includes also the implementation of other pieces of legislation (such as the Instant Payment Regulation).
Finally, the Draft law is being discussed against a shifting European backdrop. The European Commission is preparing a major financial reform package, to be introduced in December 2025, that will propose moving supervision of all CASPs to ESMA in Paris as part of a broader centralisation of financial market oversight. If such reforms progress, they could eventually reshape the balance between national and EU-level supervision, and the Belgian allocation of competences under MiCAR may prove to be only a transitional step in a wider European integration process.
If you have any questions or would like to discuss the potential impact of the MiCAR implementing Law on your activity, feel free to reach out to us at digitalfinance@simontbraun.eu.
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This newsletter does not constitute legal advice or a legal opinion. Please consult with a legal counsel of your choice before taking any action based on the information provided.