Rules
MiCA in Belgium: FSMA and the National Bank
In Belgium too, MiCA is implemented by two bodies: the Financial Services and Markets Authority (FSMA) and the National Bank of Belgium (NBB). Belgium also has long-standing national rules on advertising for financial products, including crypto, which continue to apply alongside MiCA. This guide explains who is responsible for what and what it means in practice for buying or offering crypto in Belgium.
The FSMA's powers
The FSMA is Belgium's main supervisor of crypto-asset service providers under MiCA. It grants licences, checks disclosure to consumers and supervises fair trading practices. Even before MiCA, the FSMA maintained a warning function against fraudulent providers, and it still publishes warning lists that complement the MiCA register.
For Belgian users the FSMA is generally the first point of contact for complaints about misleading practices, hidden fees or suspected fraud. The supervisor can impose fines and, in serious cases, withdraw a licence or publish a public warning.
- Licensing and conduct supervision of crypto service providers
- Publication of warnings against unlicensed providers
- Point of contact for complaints about misleading or unfair practices
The role of the National Bank
The National Bank of Belgium, like DNB in the Netherlands, handles the prudential side: the financial soundness of institutions and, where relevant, of stablecoin issuers. This role is less visible to the average user but becomes relevant once a Belgian firm issues a stablecoin itself or manages a significant share of custodied balances.
The FSMA and the National Bank exchange information, similar to the cooperation between the AFM and DNB in the Netherlands, which prevents a single institution from receiving conflicting signals on different aspects of its business.
Belgian advertising rules alongside MiCA
Separately from MiCA, Belgium has rules restricting advertising for certain financial products, with specific attention to risky and speculative products. These rules can be stricter than what MiCA prescribes at European level, for example through requirements on the form and tone of ads or restrictions on aggressive marketing aimed at retail consumers.
For providers active in both the Netherlands and Belgium, this means an advert allowed in one country may require adjustment in the other. For users it is a signal that unusually aggressive or misleading advertising is a reason for extra caution.
- Belgian ad rules can be stricter than the EU minimum
- Providers sometimes tailor marketing per country
- Aggressive advertising is a warning sign, not proof of illegality
How to check a Belgian provider
Consult the FSMA's register of licensed crypto service providers and its warning list of known fraudulent parties. As in the Netherlands, compare the exact legal name and registration number, and watch out for look-alike domains mimicking a licensed firm.
Frequently asked questions
Where do I complain about a Belgian crypto provider?
First with the provider itself, then with the FSMA if it concerns misleading practices, fees or suspected fraud.
Is Belgian crypto advertising stricter than in the Netherlands?
In some respects yes: Belgium has additional national rules on advertising for risky financial products beyond what MiCA prescribes at EU level.
What exactly does the National Bank of Belgium do?
It supervises the financial soundness of institutions and plays a role for Belgian stablecoin issuers, similar to DNB's role in the Netherlands.
Can a Dutch provider simply operate in Belgium?
Yes, via the European passport, but it must still comply with Belgian advertising rules that go beyond MiCA.
Read next
MiCA in the Netherlands: AFM and DNB explained
How the Netherlands implements MiCA: the split between AFM and DNB, the transitional regime for existing providers, and how to verify a licence.
Advertising and marketing rules for crypto
What rules govern crypto ads in the Benelux? Risk warnings, influencer rules and what is and isn't allowed.
What is MiCA?
MiCA governs licensing, stablecoins and disclosure for crypto across the EU. What changes for users, providers and banks.