Digital asset regulation and tokenization in Belgium

For a business launching crypto-asset services in Belgium, identifying the supervisor requires knowing both the product and the provider’s legal status. The European MiCA Regulation supplies the common framework; Belgian law allocates supervision between the Financial Services and Markets Authority, FSMA, and the National Bank of Belgium, NBB, with additional responsibilities in specific cases.

A specialist platform, bank and token issuer do not necessarily follow the same procedure. This guide connects that allocation with service authorization, offering documents and investor rights, allowing preparation to start from the project’s actual operations.

How MiCA and Belgian law fit together

The Law of 11 December 2025, published on December 24 and effective from January 3, 2026, organizes national powers for MiCA and crypto-asset transfers. Its timetable differs from MiCA, directly applicable to services from December 30, 2024, with separate dates for ART and EMT provisions.

The FSMA confirmed that the transitional period ended on June 30, 2026. There were no formerly registered Belgian VASPs because, under the Royal Decree of 8 February 2022, no applicant submitted a complete application before that regime expired. Providers from other Member States were covered if, on December 30, 2024, they were already active in Belgium without an establishment and were permitted to carry on that activity by their home authorization. None of these situations now provides a general extension for commencing or maintaining unauthorized activity.

How the FSMA and NBB divide supervision

Articles 18 and 19 allocate CASP supervision according to entity status. The FSMA handles prudential and conduct supervision of specialist providers within its remit. The NBB retains responsibilities for banks, central securities depositories and certain investment, electronic money and payment institutions. The FSMA retains the conduct responsibilities assigned by law over those operators.

For asset-referenced tokens, ARTs, and e-money tokens, EMTs, the NBB operates alongside specific FSMA conduct responsibilities and FPS Economy powers concerning EMTs. Describing the NBB as prudential supervisor of every CASP, or the FSMA as sole authority for every digital asset, would therefore be inaccurate.

Which procedure applies to each entity

The FSMA procedures page distinguishes authorization from notification. Article 60 financial entities can only use equivalence for services covered by their status and that article. Other services may need additional authorization. The absence of historical VASP registrations does not require every bank or manager to become a specialist CASP.

Documentation must identify services, responsible personnel, resources and controls. Servicing clients from another Member State requires checks of passporting and its scope. Shared commercial platforms or branding do not replace authorization of the contracting entity. Nor does a payment license alone authorize custody or trading of every crypto-asset. The starting point should be anticipated: as of October 9, 2026, both lists published by the FSMA, of authorized Belgian CASPs and of entities that have notified, were empty. Entities supervised by the NBB appear, where applicable, in the ESMA register.

Which documents support tokenized issuance

FSMA Communication 2022/25 of November 22, 2022, which includes a decision tree for classifying a crypto-asset as an investment instrument, provides background on securities and investment instruments rather than a complete account of today's regime. A token qualifying as a financial instrument falls outside MiCA and requires assessment under relevant investment and offering rules. Commercial names, networks or NFT labels do not settle classification.

FSMA Communication 2026/02 addresses Title II white paper notification, including classification explanations and machine-readable format. Notification does not establish ownership of underlying assets or replace documents creating holders' rights. The obligor, transfer conditions, remedies and insolvency effects must be identified for the specific structure. The same communication requires changes to a white paper to be notified at least seven working days in advance, and requires notification of limited-network offers whose total consideration exceeds EUR 1 million over twelve months; the FSMA may decide that the exemption does not apply.

Which controls and communications operations require

The TFR regulates information accompanying covered transfers and applicable checks, including certain interactions with self-hosted addresses. DORA requires technology risk management for covered entities. Custody and infrastructure provider selection must address continuity, incidents, access to information and responsibilities, alongside technical compatibility. Firms providing advice on or portfolio management of crypto-assets must also apply FSMA Communication 2026/11, which incorporates the European guidelines on suitability assessment and the format of the periodic portfolio management statement. For tax purposes, the Law of 16 March 2026, transposing the EU directive on administrative cooperation applicable to crypto-assets (DAC8), requires reporting providers to carry out due diligence on their users and to report each year, by June 30, the information for the previous year; the first reporting period is 2026.

The joint FSMA and NBB FinTech Contact Point provides guidance on rules and procedures. It does not itself authorize client testing or endorse products. Title II issuance marketing must be coordinated with white paper publication: no marketing communication may be disseminated beforehand. Belgium also retains its own FSMA regulation of January 5, 2023, on the marketing of virtual currencies to consumers. MiCA takes precedence over it for advertising of offers, admissions to trading and CASPs, but it still applies to persons not providing crypto-asset services, such as influencers and intermediaries, and to offers of crypto-assets with no identifiable issuer. It requires a mandatory risk warning and, for mass campaigns, prior notification to the FSMA at least ten days before dissemination, which is not an approval. Advertising may not refer to FSMA supervision.

How to organize a project in Belgium

Start with a matrix connecting each participating company to its service, asset and existing authorization. This establishes whether a CASP application, financial-entity notification or issuance procedure is relevant, and which authority receives each document. A FinTech Contact Point discussion may clarify the route without pre-empting an authorization decision.

For Title II crypto-asset offers, preparation should include a reasoned classification, machine-readable documents and a notification and publication schedule consistent with FSMA instructions. Tokenized financial instruments instead require work under securities legislation and on holders’ rights. Reviewing contracts, marketing and transfer mechanics helps align technical behavior with the legal effects established by the documents.

To understand how this framework applies to your project, discuss your case with our team.