Crypto-funded debit card in Belgium

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.

Nuance: The requirements for payment processors depend heavily on the nature of the services provided.

If facilitating crypto-to-fiat exchange or providing custody: If a payment processor facilitates the exchange between crypto and fiat currencies (e.g., enabling merchants to accept crypto and receive fiat), or provides custody of virtual assets for clients, then registration with the FSMA as a VASP is required.

If traditional fiat payment services: If the payment processor deals predominantly with fiat currency payments, even if related to crypto transactions, they might fall under the scope of the Payment Services Directive 2 (PSD2) and require authorization as a Payment Institution or Electronic Money Institution by the National Bank of Belgium (NBB), which is a separate and much more extensive licensing regime.

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.

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:

The primary Belgian transposition of AMLD5 is the Act of 5 August 2020 implementing the fifth Anti‑Money Laundering Directive, which amends the Act of 18 September 2017 on the prevention of money laundering and terrorist financing and on the restriction of the use of cash; it can be found on the official Belgian legislative database (e.g., https://www.ejustice.just.fgov.be/loi/loi.htm) by searching by date and title.

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.

Regulation (EU) 2023/1114 on Markets in Crypto-Assets (MiCA)

In Belgium, the EU Anti‑Money Laundering Directives (AMLDs) remain part of the legal background and are still reflected in national law, but the EU has moved to a new AML framework based on a directly applicable single rulebook and an EU‑level AML Authority (AMLA), so AMLDs are no longer the sole or primary forward‑looking reference point for EU/Belgian AML regulation.

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)

EMT Issuers: Issuers of EMTs must either be an authorized credit institution or an authorized electronic money institution (EMI). In Belgium, EMIs are supervised by the NBB under the Law of 11 March 2018 (transposing EMD2).

Authorization Required: Issuing ARTs or EMTs requires prior authorization from the competent authority (NBB or FSMA in Belgium, depending on the token type and issuer characteristics).

100% Backing: Issuers of ARTs and EMTs must at all times maintain a reserve of assets that is separate from their operational funds and covers 100% of the value of the outstanding stablecoins.

In Belgium, gains on financial assets realised outside the normal management of private wealth are still classified as miscellaneous income (revenus divers / diverse inkomsten) and in principle taxed at a flat 33% plus municipal surcharges, but as of 1 January 2026 Belgium is also introducing a separate capital gains tax regime on financial assets (generally 10% above an annual exemption), so it is no longer correct to describe the situation simply as ‘not capital gains, just 33% miscellaneous income’.

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.