MiCA Becomes Enforceable in Belgium: The Implementing Act as a Legal Turning Point for Crypto-Activities
- Aeacus Lawyers
- Jan 14
- 5 min read
With the Act of 11 December 2025, Belgium has legally embedded the European MiCA framework into its domestic legal system. Although Regulation (EU) 2023/1114 on markets in crypto-assets (MiCA) has been directly applicable since the end of 2024, Belgium until recently lacked a national framework for supervision, sanctions and the allocation of regulatory powers. This gap is filled by the Belgian implementing act of 11 December 2025.
It is important to emphasise that this legislation is primarily aimed at issuers of crypto-assets and providers of crypto-asset services. The direct consequences for private investors who hold or trade crypto-assets for their own account remain limited. Nevertheless, the act confirms that crypto-activities have definitively been integrated into the regulated financial landscape.
The act was published in the Belgian Official Gazette on 24 December 2025 and entered into force on 3 January 2026, i.e. ten days after publication. From that date, Belgium has a fully operational supervisory and enforcement framework for crypto-activities. MiCA thus becomes not only a European standard, but also an enforceable Belgian reality.
Why a Belgian Implementing Act Was Necessary
Although MiCA applies directly in all Member States (including Belgium), it leaves essential elements to the discretion of national legislators. MiCA does not determine which national authorities are competent for supervision and enforcement, how sanctions must be organised, or how existing financial legislation should be adapted. Without an implementing act, MiCA largely remained a normative framework without concrete national anchoring in Belgium — effectively a paper tiger.
The Belgian act aims to fill these gaps. It not only ensures the effective application of MiCA, but also implements Regulation (EU) 2023/1113, which strengthens the traceability of transfers of funds and crypto-assets in the context of anti-money laundering and counter-terrorist financing. In addition, the act amends various existing financial and AML provisions in order to ensure the coherence of the Belgian regulatory framework.
Allocation of Powers: FSMA and NBB Given Clearly Defined Roles
The Belgian implementing act clarifies how supervision of crypto-activities is divided between the competent supervisory authorities. In doing so, it aligns with the existing “Twin Peaks” model, under which prudential supervision and conduct-of-business supervision are clearly separated.
National Bank of Belgium
The National Bank of Belgium is entrusted with prudential supervision of crypto-activities that may have an impact on financial stability. This includes in particular the issuance and offering of asset-referenced tokens and electronic money tokens, as well as supervision of existing financial institutions providing crypto-asset services. The role of the NBB is consistent with its traditional competences in the field of monetary and prudential supervision.
FSMA
The FSMA is responsible for conduct-of-business supervision and market integrity. It is competent for the authorisation and supervision of providers of crypto-asset services that do not fall under the supervision of the NBB. In addition, the FSMA oversees compliance with rules on consumer protection, market abuse and transparency, including the review of crypto-asset whitepapers.
Cooperation Between Supervisory Authorities
The act expressly provides for cooperation and coordination mechanisms between the FSMA and the NBB. Information exchange and coordinated supervision are intended to prevent market participants from falling into supervisory gaps or being confronted with inconsistent regulatory expectations.
Consequences for Crypto-Asset Service Providers and Token Issuers
For providers of crypto-asset services, the Belgian implementing act means that structural service provision is inextricably linked to the prior obtaining of a MiCA authorisation. Services such as custody, trading, portfolio management or the operation of trading platforms may no longer be offered from 3 January 2026 onwards without compliance with the Belgian supervisory framework. This authorisation is accompanied by ongoing requirements relating to governance, risk management, IT security, conflicts of interest and client protection.
Rules for Token Issuances and Whitepapers
For issuing entities, the act clarifies the application of MiCA to the Belgian market. Whitepapers become a core legal instrument, with real liability implications in the event of incomplete or misleading information. Tokens that reference assets or qualify as electronic money are subject to a particularly strict regime, including capital requirements, transparency obligations and continuous reporting to the supervisory authorities.
Enforcement and Sanctions: MiCA Gains Real Teeth in Belgium
The Belgian implementing act goes beyond a purely organisational transposition of MiCA and provides for an extensive system of sanctions and remedial measures. The supervisory authorities are empowered to impose corrective measures, administrative fines and other interventions in the event of serious or persistent infringements. MiCA thus becomes in Belgium not merely a regulatory framework, but an effectively enforceable enforcement regime.
What Changes in Practice as of 3 January 2026?
It is important to stress that MiCA itself does not “enter into force” on 3 January 2026. The regulation has been directly applicable since the end of 2024. What changes as of 3 January 2026 is the Belgian legal infrastructure surrounding MiCA. From that date, the competent supervisory authorities are formally designated, Belgian sanctions and remedial measures become applicable, and supervision and enforcement become fully operational.
For Belgian and Belgium-facing crypto-market participants, this marks a transition from a partially abstract regulatory framework to a fully regulated and supervised market environment.
What Does This Mean for Private Investors?
Although MiCA is often presented as a far-reaching reform of the crypto sector, it is important to underline that the Belgian implementing act is primarily aimed at providers of crypto-asset services and token issuers. Private investors who hold or trade crypto-assets for their own account are not subject to any licensing requirement and are not directly regulated by this legislation.
In other words, there is no fundamental change to the legal framework applicable to private investors. Holding, buying or selling crypto-assets remains permitted and is not subject to additional administrative obligations. MiCA itself expressly does not seek to regulate private investment decisions, but rather focuses on the governance, transparency and reliability of market infrastructure.
That said, the implementing act has a clear signalling function. The integration of crypto-activities into the financial supervisory framework confirms that crypto-assets have definitively evolved from a marginal phenomenon into a regulated component of the financial system. For private investors, this can be seen as an enhancement of legal certainty and protection against fraudulent or unreliable providers, rather than a restriction of their freedom to invest.
The concrete and immediate consequences therefore mainly affect providers of crypto-asset services operating from Belgium or targeting Belgian customers. That market is relatively limited in Belgium, but is now subject to a clear and enforceable supervisory framework. For private investors, this primarily means that they will increasingly interact with regulated players, within a more structured and controlled environment.
Conclusion – From European Norm to Belgian Practice
The Act of 11 December 2025 constitutes the legal turning point between European regulation and Belgian implementation. It makes clear that crypto-activities now fully fall within the scope of financial law and are subject to supervision, licensing and enforcement. For market participants, this increases legal certainty, but also compliance obligations. For investors and users, it results in enhanced protection within a more strictly regulated environment.
MiCA is therefore no longer a future or purely European project, but an enforceable Belgian framework. From 3 January 2026 onwards, the question will no longer be whether MiCA applies in Belgium, but how market participants concretely adapt to this new reality.
If you have further questions regarding crypto taxation, please consult our Frequently Asked Questions (FAQ) or schedule an appointment.
Christophe Romero Senne Verholle
