Since January 2026, Belgium has had a completely new regulatory framework for crypto. Three European and Belgian pillars intervened almost simultaneously: MiCA regulates the platforms, DAC8 obliges them to…
Since January 2026, Belgium has had a completely new regulatory framework for crypto. Three European and Belgian pillars intervened almost simultaneously: MiCA regulates the platforms, DAC8 obliges them to report to the tax authority, and the new capital gains tax taxes your profits at 10%. Together they form a closed system that definitively ends the gray era of Belgian crypto.
In this article we explain what MiCA exactly is, how Belgium implemented it, what the hard deadline of 30 June 2026 means, and how the whole thing connects to your tax return.
What is MiCA and why does it matter?
MiCA stands for Markets in Crypto-Assets Regulation (Regulation (EU) 2023/1114). It is the first comprehensive European legislation for crypto markets, adopted on 31 May 2023 by the European Parliament and the Council. The goal: uniform rules across all 27 member states for the issuance of and the provision of services around crypto assets.
The regulation distinguishes three categories of tokens. E-money tokens (EMTs) reference a single fiat currency, think of stablecoins such as USDC. Asset-referenced tokens (ARTs) reference a basket of assets. And the third residual category covers everything that does not fall into the first two: utility tokens, Bitcoin, Ether, meme coins and most other cryptocurrencies.
MiCA defines ten crypto services that require a license: custody, operating a trading platform, crypto-to-fiat exchange, crypto-to-crypto exchange, order execution, placement, reception and transmission of orders, advice, portfolio management and transfer services. Every company that offers one or more of these services to European clients must hold a MiCA license.
The rollout proceeded in two phases. The rules for stablecoins (EMTs and ARTs) have applied since 30 June 2024. That already led at the time to the delisting of certain USDT trading pairs on European platforms. The rest of MiCA, including the licensing requirement for crypto service providers (CASPs), market abuse rules and consumer protection, has applied since 30 December 2024.
What falls outside MiCA?
Not everything is regulated. Truly unique NFTs (not issued in large fungible series) fall outside it. Fully decentralized DeFi protocols without an intermediary are excluded via Recital 22, although MiCA gives no definition of "fully decentralized". Partial decentralization is not sufficient. Financial instruments already covered by MiFID II, CBDCs and intra-group services are likewise excluded.
Important: crypto assets without an identifiable issuer (such as Bitcoin) escape the issuance rules, but platforms that offer services around these assets do have to hold a license.
The Belgian implementation law of 11 December 2025
Belgium was one of the last EU member states to implement MiCA nationally. The European Commission even started an infringement procedure over the delay. The draft law was submitted to parliament on 9 October 2025, approved on 11 December 2025, published in the Belgian Official Gazette on 24 December 2025 and entered into force on 3 January 2026.
The law implements both MiCA and the Transfer of Funds Regulation (TFR), which strengthens the traceability of crypto transfers for anti-money-laundering purposes.
The Twin Peaks supervisory model
Belgium applies its existing two-pillar architecture to crypto. The FSMA is responsible for conduct supervision of all crypto service providers: licenses for article 63 CASPs (pure crypto companies), supervision of whitepapers, enforcement of market abuse rules and supervision of advertising rules. The National Bank of Belgium (NBB) takes on the prudential supervision of credit institutions, investment firms, electronic money institutions and payment institutions that add crypto services to their existing offering. The NBB also handles the licenses for ART issuers and EMT issuers.
A coordination protocol governs the cooperation between the FSMA and the NBB. For CASPs under NBB prudential supervision, the NBB grants the license based on a binding opinion from the FSMA on the conduct rules.
Unique Belgian provisions
The law introduces a remarkable private-law remedy. A Belgian judge can declare the purchase of crypto assets null and void if the provider had no license or did not publish an approved whitepaper. The damage is automatically deemed to exist in the event of such a breach. This has no exact equivalent in other member states.
The sanctioning framework is robust. Administrative fines can reach up to EUR 5 million for legal persons (or up to 12.5% of annual turnover for ART/EMT violations, 15% for market abuse). Natural persons risk fines up to EUR 700,000. The FSMA can, in addition, appoint a special commissioner with prior approval authority, suspend directors and impose corrections for misleading information.
The anti-money-laundering law of 18 September 2017 was amended to replace the terminology "virtual currency" with MiCA definitions. CASPs must now apply specific risk-mitigating measures for transactions with self-hosted wallets (unmanaged wallets), including verification of the wallet owner's identity.
Deadline 30 June 2026: what changes?
Belgium opted for the maximum transition period of 18 months under MiCA article 143. Existing service providers may continue to operate until 1 July 2026 at the latest, unless they obtain a license or are refused beforehand. By way of comparison: the Netherlands opted for a shortened transition period of just 6 months, with a deadline on 30 June 2025.
The "Nihil" problem
The most striking fact about the Belgian transition: there are zero registered Belgian crypto service providers. Under the Royal Decree of 8 February 2022, which introduced a national VASP registration requirement, according to the FSMA no applicant submitted a complete file that met all legal conditions. The FSMA register of authorized Belgian CASPs states, as of March 2026: "Nihil". Nothing.
The Belgian market was and is served almost exclusively by cross-border EU-licensed platforms. After 1 July 2026, only platforms with a MiCA license (obtained in any EU member state) may offer services to Belgian clients. Platforms without a license must cease their activities. ESMA warned in a statement of 4 December 2025 that "last-minute" applications will be treated with considerable caution, and that providers must prepare plans for an orderly wind-down, including the transfer of client assets.
KBC as a Belgian first
The only notable exception is KBC Bank, which announced on 15 January 2026 that it would be the first Belgian bank to offer crypto trading via the Bolero platform. KBC offers trading in Bitcoin and Ether via the article 60 notification procedure as an existing credit institution. It is a closed model (no external wallet transfers) with a mandatory knowledge and experience test.
Check your platform
As a Belgian investor, you would do well to check the MiCA license status of your platform before 30 June 2026. ESMA maintains an interim MiCA register on its website, updated weekly. Is your platform not on it and does it have no license application pending? Then you run the risk of no longer being able to trade on that platform after 1 July 2026.
Impact for private investors
MiCA primarily regulates the service providers, not the investors themselves. You do not need a license to buy or hold crypto. But the impact on you as a Belgian investor is indirect and significant.
Consumer protection that did not exist before
Whitepaper obligation. Issuers of new tokens must publish a detailed document with information about the project, the technology, rights and obligations, risks and the environmental impact of the consensus mechanism. Issuers and their directors are civilly liable for misleading information. The Belgian implementation law adds the action for nullity to that: a judge can undo your purchase if the provider turned out to be unlicensed.
14-day right of withdrawal. When you buy crypto assets directly from an issuer or through a CASP that places tokens on behalf of the issuer, you have 14 calendar days to withdraw without cost or justification. This does not apply to tokens already listed on a trading platform.
Suitability test. CASPs that offer advice or portfolio management must evaluate your knowledge, experience, investment objectives, risk tolerance and financial situation before making recommendations. ESMA published detailed guidelines for this obligation on 26 March 2025.
Segregation of assets. CASPs may not use your crypto assets for their own account. Client assets must be held on separate DLT addresses, segregated from the platform's own funds. Custodians are liable for the market value of lost crypto in the event of outages or hacks. Your fiat funds must be deposited with a central bank or credit institution by the next business day at the latest.
DeFi remains largely unregulated
Fully decentralized protocols fall outside MiCA. That means no complaint procedures, no custody guarantees and no suitability test when you interact directly with smart contracts. The European Commission is required to issue a report on DeFi regulation by December 2024, which may eventually lead to additional legislation.
Advertising rules protect you against deception
The FSMA had already enforced strict advertising rules for crypto products since May 2023, including the mandatory warning that crypto entails real risks and that the only guarantee is risk. Under MiCA, the European marketing rules take over for licensed CASPs, but the Belgian FSMA rules continue to apply for non-CASP distributors (such as influencers), advertising for crypto without an identifiable issuer, and service providers still operating under the transitional regime.
The FSMA remains active against fraud. In the second half of 2025, Belgian consumers reported 2,911 fraud cases, an increase of 11% compared to 2024. More than 65% of the fraudulent platforms were crypto-related. The total damage amounted to EUR 23.4 million in that period.
MiCA + DAC8 + capital gains tax: the complete picture
The three regulatory pillars together form a closed chain that covers every link of the Belgian crypto market. Each component has its own function, but together they create a level of transparency that was previously unthinkable.
MiCA regulates who may operate and how. It is the gatekeeper: only licensed platforms may serve Belgian clients after 1 July 2026.
DAC8 (Directive (EU) 2023/2226) obliges those licensed platforms to report detailed transaction data to the national tax authorities. Belgium approved its DAC8 transposition law on 12 March 2026 with retroactive effect to 1 January 2026. The data that CASPs must report includes: complete identity data (name, address, tax residence, national register number, date of birth), gross transaction amounts per crypto asset, market values, transaction counts and breakdowns by type (crypto-to-fiat, crypto-to-crypto, wallet transfers). The first "crypto fiches" are expected at the FOD Financiën by September 2027 for the calendar year 2026.
The capital gains tax (Law of 6 April 2026, approved by the Chamber on 3 April 2026, published in the Belgian Official Gazette on 21 April 2026, applicable since 1 January 2026) taxes realized capital gains on crypto at 10% with an annual exemption of EUR 10,000 (indexed). The portfolio value on 31 December 2025 serves as the reference cost (step-up basis), so that historical gains from before 2026 are not taxed; per asset, a weighted average acquisition value applies for this (art. 102 §4 WIB 92). The law does not, contrary to what is often claimed, impose FIFO; for purchases from 2026 onward, a chronological FIFO record is the most defensible approach. Crypto-to-crypto swaps are taxable disposals.
The distinction between investor categories remains. Normal management of private wealth (the "prudent person" principle) falls under the 10% rate. Speculative management remains taxed as miscellaneous income at 33% plus municipal surcharges. Staking rewards are classified as movable income (roerende inkomsten) at 30%, mining proceeds as professional income.
The enforcement chain in practice
The mechanism works as follows: MiCA ensures that only licensed platforms operate (gatekeeper function). DAC8 obliges those platforms to pass on all transaction data of Belgian users. The FOD Financiën receives this data and cross-references it with the personal tax returns. Moreover, automatic data exchange takes place between EU member states, so that the Belgian tax authority also receives data on Belgians who use foreign EU platforms.
Fiscal transparency is no longer a non-binding concept. The combination of these three pillars makes it practically impossible to keep crypto profits out of the tax authority's sight when you trade via regulated platforms.
What should you do now?
As a Belgian crypto investor, you would do well to prepare on three fronts at once.
Document your portfolio on 31 December 2025. This is the reference date for the step-up basis. The market value of your holdings on that date becomes your assumed purchase price for the capital gains tax. Take screenshots or export your portfolio data from all your platforms and wallets.
Check the license status of your platforms. Consult the ESMA MiCA register and verify that your exchange holds a MiCA license or has an application pending before 30 June 2026. Platforms without a license must cease their activities, which can lead to a forced transfer of your assets to another provider.
Prepare for the first tax return. The first tax return that includes the new capital gains tax comes in the spring of 2027 for assessment year 2026. From that moment you may also receive a pre-filled "crypto fiche" from the FOD Financiën based on DAC8 data. A structured transaction overview with correct lot calculation then becomes essential.
Cryptotax is built precisely for this purpose: a platform that turns your transaction history into a compliant Belgian tax report, with correct lot calculation, recognition of 25+ DeFi protocols and support for the Belgian tax categories. Connect your exchanges and leave the calculations to us.
This article is informational in nature and does not constitute tax or legal advice. Consult a tax advisor for your personal situation. Last update: March 2026.
