Crypto ATM / kiosk operator in Belgium
Physical kiosks that exchange cash for crypto (and sometimes vice versa). High-cash AML risk profile.
Crypto ATM is conditionally permitted in Belgium with a local entity, subject to AML obligations and medium licensing burden.
Verdict Details
- Permitted
- conditional
- Local entity required
- Yes
- Licensing burden
- Medium
- Last updated
- 2026-07-13
AML Obligations
- Registration with the FSMA as a VASP under the Law of 18 September 2017 (AML/CTF registration regime, not full prudential licensing).
- Cash transaction reporting: Belgium has a restriction on the use of cash under the Law of 18 September 2017 — large cash transactions (generally exceeding €3,000 for payments between businesses/consumers) are restricted; any cash-in/cash-out at a crypto ATM above thresholds must be reported as part of AML/CFT obligations.
- Enhanced customer due diligence (CDD) required for transactions involving cash, given the high-risk nature of cash-to-crypto conversion.
- Beneficial ownership identification and verification required for all transactions.
- Ongoing monitoring obligations and suspicious transaction reporting (STR) to the Belgian Financial Intelligence Processing Unit (CTIF-CFI).
- AML/CFT supervision shared between the NBB and FSMA, with the NBB handling registration and AML/CFT for smaller/non-significant providers.
Key Restrictions
- Must register with the FSMA as a VASP before operating — no full prudential license required, but registration is mandatory and AML-focused.
- Cash usage restrictions under the Law of 18 September 2017 limit the use of cash in transactions (notably €3,000 threshold for certain payments) — further guidance needed on how this applies to crypto ATM cash transactions.
- EU MiCA Regulation (applicable from 30 December 2024 for most crypto-asset services) will create a harmonized licensing regime superseding the current FSMA registration, requiring a transition to full authorization under MiCA.
- Physical kiosk locations may need to comply with local municipal/business licensing and cash-handling regulations beyond financial rules.
Key Risks
- High-risk AML profile for cash-in/cash-out at crypto ATMs attracts enhanced scrutiny from Belgian AML/CFT supervisors (NBB/FSMA) and the incoming EU AMLA.
- Transition risk: current FSMA registration regime is being replaced by MiCA authorization — operators must navigate the shift and ensure continuity of authorization.
- Ambiguity on how Belgium's cash restriction rules (€3,000 threshold) apply to crypto ATM cash transactions — this is not explicitly settled for kiosk operators.
- Potential enforcement precedent: the FSMA has issued warnings about crypto-related risks and could take action against unregistered operators.
- Physical kiosks may face additional regulatory layers (local business licenses, cash handling permits, tax reporting) beyond financial services regulation.
Evidence
This verdict synthesizes the following facts. Each fact links to its primary source(s).
Required: Registration with the FSMA.
Scope: This includes services for the exchange between virtual currencies and fiat currencies, as well as exchange services between one or more virtual currencies.
Current Regime (Belgium): It is a registration regime, primarily focused on AML/CTF compliance. It does not imply a full prudential licensing similar to banks, traditional investment firms, or e-money institutions. The FSMA grants "registration" but does not "license" in the broader financial sense that implies comprehensive prudential oversight of capital, risk management beyond AML, consumer protection, etc.
Law of 18 September 2017:
FSMA's Dedicated VASP Page: This is the primary resource for current information and guidance.
Future Regime (EU MiCA): The upcoming EU Markets in Crypto-Assets (MiCA) Regulation will introduce a comprehensive, harmonized licensing regime across the EU for a much broader range of crypto-asset services. This will supersede the current national AML-driven registration frameworks for many activities.
Law of 18 September 2017 on the prevention of money laundering and terrorist financing and on the restriction of the use of cash (AML Law)
Impact: Extended the scope of AML/CFT rules to include providers engaged in exchange services between virtual currencies and fiat currencies, and custodian wallet providers. This mandated registration requirements at the national level.
Legal Basis: The Law of 18 September 2017 on the prevention of money laundering and terrorist financing and on the restriction of the use of cash. Specifically, Article 5, §1, 37° designates "providers of custodian wallets" as entities subject to AML/CFT obligations.
National Bank of Belgium (NBB - Nationale Bank van België / Banque Nationale de Belgique):
Financial Services and Markets Authority (FSMA - Autoriteit voor Financiële Diensten en Markten / Autorité des services et marchés financiers):
Impact: MiCA provides a harmonized regulatory framework across the EU for crypto-assets not covered by existing financial services legislation. It covers the issuance, public offering, and admission to trading of various crypto-assets, as well as the authorization and supervision of crypto-asset service providers (CASPs). This is the most significant piece of legislation for the future of crypto regulation in Belgium.
Other provisions (relating to crypto-asset service providers and other crypto-assets): 30 December 2024.
Wet van 18 september 2017 tot voorkoming van het witwassen van geld en de financiering van terrorisme en tot beperking van het gebruik van contanten. (In Dutch)
Verdict Attribution
- Source:
- AI-Generated · Unreviewed
- AI synthesized:
- 2026-07-13 (deepseek-chat)
- Last updated:
- 2026-07-13
- Confidence:
- medium
This verdict was produced by an AI model from the underlying facts. Confirm with counsel before relying on it for material decisions.
Conditional — Crypto ATM/kiosk operators may operate in Belgium subject to mandatory FSMA registration as a VASP under the AML/CFT framework (Law of 18 September 2017), with cash-specific restrictions and enhanced AML obligations; the regime will transition to MiCA authorization by end of 2024.
Questions this verdict aims to answer
- What money-transmitter / kiosk-specific license is required?
- What cash-transaction reporting thresholds apply?
- What enhanced-KYC obligations attach to cash-in / cash-out?