MiCA and CASPs: What Changes for Belgian Crypto Investors in 2026?
Quick answer MiCA (Markets in Crypto-Assets) is the European regulatory framework for crypto that imposes rules on exchanges and other crypto-asset service providers (CASPs). Its aim is to increase transparency, strengthen investor protection and establish a uniform regulatory framework across the EU. MiCA has applied throughout the European Union since 30 December 2024. In Belgium, the implementing legislation entered into force on 3 January 2026. For crypto investors, this primarily means greater protection when using authorised platforms and stricter rules for crypto-asset service providers. MiCA does not, in itself, have any direct tax implications. |
What Is MiCA and Why Is It Important?
Before MiCA, there was no general regulatory framework for crypto at the European level. This resulted in legal uncertainty, a lack of investor protection and an uneven playing field between Member States. With Regulation (EU) 2023/1114, better known as MiCA or the Markets in Crypto-Assets Regulation, the EU stepped in.
The Regulation has four specific objectives:
Objective of MiCA | What does it entail? |
Legal clarity | A clear legal framework for crypto-assets that are not covered by existing legislation |
Promoting innovation | A safe and proportionate framework for fair competition |
Investor protection | Protection comparable to that provided for traditional financial products |
Financial stability | Particular attention to stablecoins with systemic relevance |
For Belgian investors, the Belgian implementing law of 11 December 2025, which entered into force on 3 January 2026, is also relevant.
Who Is Subject to MiCA, and Who Is Not?
MiCA regulates two areas:
Crypto-assets themselves, such as cryptocurrencies, stablecoins and utility tokens.
Crypto-asset service providers, known as CASPs.
A CASP (Crypto-Asset Service Provider) is an undertaking that professionally provides crypto-asset services to third parties. These include:
exchanges for crypto ↔ fiat or crypto ↔ crypto;
custody providers that safeguard or administer crypto-assets;
exchange services;
order execution services;
portfolio managers;
providers of advice on crypto-assets.
Any CASP wishing to operate in the EU must first obtain authorisation from the competent supervisory authority. In Belgium, this is the FSMA.
Via the following link, you can check which CASPs have already obtained a MiCA authorisation.
An authorisation in one EU Member State provides access to the entire European internal market through the European passport. This means that, as a Belgian investor, if you use a foreign platform with a valid EU authorisation, you will in principle benefit from the same MiCA protection.
Not everything falls within the scope of MiCA. The following are among the activities and assets that fall outside, or largely outside, its scope:
NFTs, unless they are not genuinely unique or are economically comparable to regulated crypto-assets;
fully decentralised DeFi protocols without an identifiable service provider;
self-custody wallets;
staking and lending, insofar as these are not offered through a regulated service provider.
Anyone operating outside an authorised CASP, for example through DeFi or self-custody, benefits from less protection under MiCA and therefore bears greater risk.
What Does MiCA Mean in Practice for Your Protection?
CASPs are required to comply with strict conduct-of-business rules. For you as an investor, this means the following:
Requirement | What You Can Expect |
Client protection | Fair treatment, transparent information and an appropriateness assessment |
Avoiding conflicts of interest | Transparency and prevention of conflicts between the platform and the client |
Handling complaints | Mandatory internal complaints procedure |
No market abuse | Prohibition of insider dealing and market manipulation (including “pump and dump” schemes) |
Fair advertising | Marketing communications must be fair, clear and not misleading |
Segregation of assets | Strict segregation between the CASP’s own assets and your assets as a client |
Before MiCA, crypto investors were entirely unprotected against market abuse. That era is over, at least for those using authorised platforms.
AML and KYC Within the MiCA Framework
MiCA itself is not anti-money laundering legislation. Traditional KYC obligations, such as client identification, customer due diligence and reporting to the Belgian Financial Intelligence Processing Unit (CTIF-CFI), mainly arise from anti-money laundering legislation and the Transfer of Funds Regulation.
Nevertheless, the prevention of money laundering also plays a role within the MiCA framework. When applying for authorisation, CASPs must demonstrate that they have:
a robust internal control system;
procedures to manage money laundering and terrorist financing risks;
mechanisms to detect suspicious crypto transactions;
measures to avoid interactions with illegal or unreliable actors.
In practice, this means that platforms such as Coinbase, Kraken, Binance and Bitvavo do not only need a MiCA authorisation. They must also actively monitor risks relating to money laundering, sanctions, fraud, mixers, darknet marketplaces and suspicious wallet activity.
For investors, this primarily means:
more identity checks;
more questions about the source of funds or crypto-assets;
more checks on transfers to and from their own wallets;
less scope for anonymous transactions through authorised platforms.
MiCA, anti-money laundering legislation and the Travel Rule therefore together form a broader compliance framework for authorised CASPs.
The Travel Rule: Identification for Every Transfer
Under the related Transfer of Funds Regulation (TFR), CASPs must collect and transmit information identifying both the sender and the recipient for every crypto-asset transfer. In practice:
More identification requirements for every crypto transfer
Transfers to your own self-hosted wallet have become more complex
Anonymous transactions are no longer possible through authorised platforms
KYC Questions from Your Exchange: Is This Normal? We are seeing an increasing number of clients contact us because their exchange suddenly asks additional KYC questions or requests further information about specific transactions, wallets or the source of funds. In many cases, this is perfectly normal. Authorised platforms are required to carry out stricter checks and collect information about the sender and recipient of crypto transfers. If your exchange asks for additional documents or explanations, this therefore does not automatically mean that there is a problem. On the contrary, it often indicates that the platform is taking its obligations under the Travel Rule and anti-money laundering rules seriously. However, make sure that your answers are accurate, complete and supported by transaction records. |
USDT Under MiCA: Not Prohibited, but Restricted
USDT is a stablecoin pegged to the US dollar. Under MiCA, issuers of stablecoins in the EU must comply with strict requirements, including those relating to authorisation, reserves, governance and redemption.
Tether, the issuer of USDT, currently does not have the required MiCA authorisation within the EU. As a result, MiCA-compliant exchanges cannot simply continue offering USDT to European customers. Holding USDT is not prohibited in itself, but trading, deposits or new purchases may be restricted or discontinued. Anyone still holding USDT should therefore check in good time which rules their platform applies and carefully document any conversions into USDC, EURC or euros, as these may have tax implications.
Converting Crypto into Euros and Transferring the Proceeds to Your Belgian Bank Account
Anyone wishing to convert crypto into euros and transfer the proceeds to a Belgian bank account will generally be well advised to use a MiCA-authorised exchange or a platform operating within the EU under a European passport.
For banks, this provides additional comfort. Authorised CASPs are subject to strict rules on anti-money laundering controls, client identification and transaction monitoring. This gives banks greater assurance regarding the source of the funds and that transactions do not originate from sanctioned entities, darknet marketplaces or other illegal sources.
In practice, we find that transactions originating from large regulated platforms are often processed more smoothly than transactions originating directly from DeFi protocols, mixers or unknown wallets.
Although each bank applies its own policies, platforms such as Coinbase and Kraken often enjoy a good reputation among Belgian banks in practice due to their extensive compliance and anti-money laundering procedures.
Direct onchain sales to unknown third parties or complex flows of funds through multiple wallets generally make it more difficult to demonstrate the source of the funds and may result in additional questions from banks or compliance departments.
The Mandatory Crypto-Asset White Paper
Every public offering of crypto-assets requires a crypto-asset white paper approved by the FSMA. This document describes the project, its technical operation, your rights and obligations as a holder, and the specific risk factors. It can be compared to the prospectus used for an initial public offering of shares.
Belgian Supervision: the FSMA and the National Bank
Authority | Responsibility |
FSMA | Authorisation and supervision of CASPs; public offerings |
National Bank of Belgium | Supervision of stablecoin issuers (ARTs and EMTs) |
FPS Economy | Consumer protection |
The FSMA charges its supervisory costs to the sector. An authorisation application costs at least EUR 20,000, while a trading platform must pay an additional EUR 25,000. This has a consolidating effect: smaller players disappear, while large platforms increasingly dominate the market.
Tax Implications: What Changes for Investors?
For most Belgian crypto investors, MiCA does not in itself have any direct tax implications.
MiCA is primarily a regulatory framework for businesses operating in the crypto sector, such as exchanges, custody providers and other Crypto-Asset Service Providers (CASPs). The Regulation imposes rules on these service providers, but does not determine how crypto transactions are taxed.
This does not mean, however, that MiCA has no indirect tax impact. Stricter identification requirements, the Travel Rule and the increasing exchange of information between platforms and public authorities are resulting in greater tax transparency.
For an overview of the Belgian tax treatment of crypto-assets, we refer to:
DAC8: Full Tax Transparency
MiCA and DAC8 are often mentioned together, but the two frameworks serve different purposes.
As explained above, MiCA imposes obligations on businesses wishing to operate in the crypto sector, such as exchanges and other CASPs. DAC8, by contrast, imposes reporting obligations on crypto-asset service providers. They are required to share information about their clients and transactions with European tax authorities, including the Belgian tax administration.
For Belgian crypto investors, DAC8 will often have a greater practical impact than MiCA. MiCA primarily determines the conditions under which platforms may operate. DAC8 ensures that transaction data is automatically reported to the tax authorities.
Under the DAC8 Directive, transposed into Belgian law by the Act of 16 March 2026, CASPs are required to report their clients' transaction data to the tax administration. This includes both crypto ↔ fiat and crypto ↔ crypto transactions.
The first reporting period covers the 2026 calendar year, with a reporting deadline of 30 June 2027. The Belgian Federal Public Service Finance subsequently exchanges the information automatically with other EU tax authorities.
The message is clear: anyone who fails to report taxable capital gains runs a genuine risk of a tax audit and penalties. Your CASP will report your transactions in any event.
For more information, we refer to our overview article on DAC8 and the tax reporting of crypto transactions.
What MiCA Does Not Regulate
Thema | Status |
NFT's | Buiten scope (tenzij kwalificeerbaar als stablecoin) |
DeFi | Buiten scope; evaluatie door de Europese Commissie voorzien |
Staking & lending | Buiten scope; toekomstige regelgeving verwacht |
Niet-EU-platforms | Volledig buiten MiCA-toezicht; belegger draagt zelf alle risico's |
Fiscale behandeling | Geregeld door nationale Belgische fiscale wet, niet door MiCA zelf |
Practical Checklist for Belgian Crypto Investors
Check your platform’s authorisation: only use CASPs that are authorised or notified with the FSMA. You can use the following link to check.
Keep records of your transactions: these are necessary for correctly reporting your taxes (10% or 33%).
Identify your transfers: transfers through an authorised platform require identification of the sender and recipient.
Avoid non-EU platforms: MiCA protection does not apply to them and you bear the associated risks yourself.
Correctly report capital gains and exchanges: your CASP will in any event report your transactions to the tax authorities under DAC8.
Conclusion
MiCA marks a turning point for the European crypto market. For Belgian investors, it brings greater protection, greater transparency and a clearer legal framework, but also greater tax transparency. Investors who use authorised platforms and comply with their tax obligations are better protected than ever. Those who do not face greater risks than ever.
The combination of MiCA authorisation requirements, DAC8 reporting and the new capital gains tax makes 2026 the year in which Belgian crypto taxation structurally comes of age.
Frequently Asked Questions About MiCA
Do I Have to Sell My Crypto Because of MiCA?
No. MiCA does not affect your ownership rights over crypto-assets. The Regulation is primarily aimed at providers of crypto-asset services, rather than individual investors.
Do I Have to Report My Crypto Because of MiCA?
No. MiCA does not in itself create any new tax reporting obligation. Your tax obligations arise from Belgian tax legislation. MiCA can, however, indirectly lead to greater transparency because authorised platforms are subject to stricter compliance requirements.
Are Binance, Coinbase, Kraken and Bitvavo MiCA-Authorised?
Yes, at present they are.
Can I Still Keep Crypto on a Hardware Wallet?
Yes. Self-custody wallets such as Ledger, Ngrave and Trezor remain permitted. However, authorised exchanges may ask additional questions when you send crypto to or receive crypto from your own wallet.
Is USDT Prohibited Under MiCA?
No. Holding USDT is not prohibited. However, several European platforms have restricted the availability of USDT because Tether currently does not meet the European MiCA requirements applicable to stablecoin issuers.
Does MiCA Have Tax Implications?
Not directly. MiCA primarily determines the conditions under which crypto-asset service providers may operate. For an overview of the tax treatment of crypto-assets, please see our articles on the classification of crypto income and the Belgian capital gains tax.
What Is the Difference Between MiCA and DAC8?
MiCA regulates crypto-asset service providers and provides greater protection for investors. DAC8 requires crypto-asset service providers to report information about their clients and transactions to tax authorities. For many investors, DAC8 therefore has a greater practical impact than MiCA.
Why Is My Exchange Suddenly Asking for Additional Documents or Information?
This is often the result of stricter compliance, anti-money laundering and Travel Rule requirements. Authorised platforms must identify their clients and, in certain cases, request additional information about the source of funds or crypto-assets.
About Aeacus Lawyers
Aeacus Lawyers is Belgium’s only crypto-native law firm fully focused on the tax and legal aspects of cryptocurrency. We assist individuals and entrepreneurs with all matters relating to crypto taxation, compliance, bank enquiries and tax audits.
This article is for informational purposes only and is based on Regulation (EU) 2023/1114 (MiCA), the Belgian Act of 11 December 2025, the Royal Decree of 23 January 2026 and the Act of 16 March 2026 transposing DAC8 into Belgian law.
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