- MiCA is the European regulation for crypto-assets (Regulation 2023/1114), fully applicable since 30 December 2024
- The Belgian implementing act was approved on 11 December 2025 and designates the FSMA as the competent authority
- Crypto-asset service providers (CASPs) must apply for a MiCA licence with the FSMA before they may offer services to Belgian clients
- For existing providers with an FSMA registration, a transitional regime runs until 1 July 2026
- Not every exchange will make the finish line: some platforms will stop serving Belgian clients or will be acquired
- MiCA changes nothing about your tax obligations: capital gains tax (10%), staking (30%) and DAC8 reporting continue to apply independently of MiCA
Last updated: May 2026 · Reading time: 12 minutes
The MiCA regulation in Belgium has been directly applicable as a European regulation since 30 December 2024, but for Belgian crypto investors it became truly tangible with the MiCA implementing law of 11 December 2025. That law designates FSMA (the Belgian Financial Services and Markets Authority) as the supervisory authority, governs the transition for existing crypto service providers, and determines what happens to your account if your platform fails to obtain a MiCA licence before 1 July 2026.
In this guide we look at the three pillars of MiCA regulation in Belgium, how the implementing law works, which platforms will remain or disappear, and how MiCA crypto Belgium 2026 relates to DAC8 and the capital gains tax that has applied since 2026.
What is MiCA?
MiCA stands for Markets in Crypto-Assets Regulation and is the first European regulation to comprehensively regulate crypto-assets. The framework entered into force on 29 June 2023, with phased application: the rules on stablecoins have applied since 30 June 2024, and the broader rules on crypto-asset service providers since 30 December 2024. Member States such as Belgium could put in place a transition arrangement for providers already active under the old regime.
MiCA operates as a regulation, not a directive. This means the rules apply directly in all EU Member States without needing to be transposed into national law. The Belgian legislator still needed to settle a number of practical matters: who supervises, what sanctions apply, how does the transition work? That is what the implementing law of 11 December 2025 addressed.
The objectives of MiCA are:
- Investor protection: mandatory transparency through whitepapers, capital requirements for issuers, and clear liability rules
- Market integrity: prohibition on market manipulation and insider trading, including in crypto-assets
- Financial stability: reserve requirements for stablecoins so that a crash cannot spill over into the banking system
- Uniform rules: a MiCA licence in one Member State is valid throughout the EU (passporting)
The three pillars of MiCA
The regulation rests on three substantive pillars. Anyone seeking to understand MiCA regulation in Belgium will always encounter these three building blocks.
Pillar 1: CASP licences (crypto-asset service providers)
A crypto-asset service provider (CASP) is a company that professionally offers crypto services: an exchange, a broker, a custody solution, or a trading platform. Under MiCA, CASPs need a licence from the competent authority in their home Member State. For providers established in Belgium, that authority is FSMA.
The licensing requirement applies to, among other things:
- Custody and administration of crypto-assets on behalf of clients
- Operation of a trading platform for crypto-assets
- Exchange of crypto against fiat or against other crypto
- Execution or placing of orders on behalf of clients
- Provision of advice or portfolio management in crypto
- Transfer services of crypto-assets on behalf of clients
Once licensed, a CASP can operate throughout the EU via passporting. A provider recognised in France or the Netherlands can therefore also serve Belgian customers without a separate Belgian licence. The reverse also holds: a Belgian FSMA licence opens the entire European market.
Pillar 2: Offering crypto-assets (whitepaper obligation)
The second pillar governs the issuance and public offering of crypto-assets. Anyone who launches a new token or makes it tradable on a trading platform must publish a whitepaper containing information about the project, the risks, the governance, and the rights of holders. The document must be notified to the competent authority before issuance.
For private individuals buying crypto, this is rarely directly relevant. It does mean, however, that tokens lacking the correct whitepaper can be barred from European exchanges. Some memecoins or newer DeFi tokens are therefore no longer available for trading on licensed platforms.
In practice: Bitcoin, Ethereum, and other protocols not put into circulation by a central issuer fall under an exemption. For decentralised tokens without a clear issuer, the whitepaper obligation does not apply, but the platform listing them must still publish a notice with risk information. For utility tokens and ICO projects the obligation applies in full: without a published and validated whitepaper, a European listing is not possible.
Pillar 3: Stablecoin rules (ART and EMT)
The third pillar is the most far-reaching for the market. MiCA distinguishes two types of stablecoins:
- Asset-Referenced Tokens (ART): stablecoins that derive their value from a basket of assets, currencies, or crypto. Example: a token pegged to a basket of currencies.
- Electronic Money Tokens (EMT): stablecoins that replicate the value of a single fiat currency. USDC, USDT, and EURC fall under this category.
Issuers of an ART or EMT must hold a licence, maintain a reserve equal in value to the tokens issued, and give holders the right to redeem their tokens at any time against the underlying fiat. Stablecoins without a licence may no longer be offered in the EU.
Concrete consequence in 2025-2026: Tether (USDT) is not authorised under MiCA and is being delisted or restricted to sell-only by various European exchanges. Circle (USDC, EURC) has obtained a licence and remains available. The impact for Belgian users is real: stablecoin positions in USDT need to be reassessed.
In addition, MiCA sets strict volume limits for stablecoins not pegged to the euro (such as USDC). When the daily transaction volume in a non-euro stablecoin exceeds 1 million transactions or 200 million euro, the issuance may be restricted or suspended. This rule aims to prevent a US dollar stablecoin from becoming a de facto shadow currency within the eurozone. For the average Belgian user this is a background risk, not something that affects daily trading.
Timeline of MiCA implementation
| Date | Event |
|---|---|
| 9 June 2023 | MiCA regulation (EU 2023/1114) published in the Official Journal |
| 29 June 2023 | MiCA enters into force; Member States begin preparation |
| 30 June 2024 | Stablecoin rules (ART and EMT) apply |
| 30 December 2024 | Full application: CASP licence required for new providers |
| 11 December 2025 | Belgian implementing law approved; FSMA designated as competent authority |
| 1 January 2026 | Capital gains tax and DAC8 reporting enter into force in Belgium |
| 1 July 2026 | End of Belgian transition period for existing providers |
| 1 July 2026 | Deadline for MiCA licence or cessation of Belgian services |
The Belgian implementing law of 11 December 2025
The Belgian legislator had until end of 2025 to arrange the practical implementation of MiCA. The law of 11 December 2025 does so on three fronts: it designates FSMA as the supervisory authority, governs the transition period for existing providers, and supplements the sanctioning provisions.
FSMA as competent authority
FSMA (the Belgian Financial Services and Markets Authority) receives, under the implementing law, full competence for MiCA supervision in Belgium. In concrete terms:
- FSMA grants, refuses, and withdraws MiCA licences for CASPs established in Belgium
- FSMA monitors compliance with conduct rules, capital requirements, and transparency obligations
- FSMA may impose administrative fines of up to 5 million euro or 5% of annual turnover for violations
- FSMA cooperates with NBB (the National Bank of Belgium) for the supervision of stablecoin issuers
FSMA already had a role in registering crypto providers under the old regime (Royal Decree of 8 February 2022). That registration was limited to combating money laundering and terrorist financing. Under MiCA, FSMA receives a much broader mandate: also prudential supervision, conduct supervision, and consumer protection.
The transition arrangement until 1 July 2026
The law provides a transition period for providers that were already active under a national regime before 30 December 2024. In Belgium, these are parties that were registered with FSMA on the basis of the Royal Decree of 8 February 2022.
These providers may continue to offer their services until at the latest 1 July 2026, provided they apply for a MiCA licence in the meantime and the application is submitted on time. Any provider that does not file an application, or whose application is rejected, must cease services to Belgian customers.
Important nuances:
- The transition applies only to existing providers. New entrants must have a MiCA licence from the outset
- Foreign providers operating via passporting (e.g. a French exchange serving Belgian customers) fall under the French licence, not under the Belgian transition arrangement
- A rejected licence application does not mean a gradual wind-down: services must stop immediately
- FSMA publishes pending licences in a public register
Sanctions and enforcement
The implementing law adds a Belgian sanctioning framework on top of the European minimum standard. FSMA may, among other things:
- Impose administrative fines of up to 5 million euro per violation
- For legal entities, impose fines of up to 5% of consolidated annual turnover
- Impose a temporary or permanent ban on directors
- Publish sanctions on its website (name and shame)
- In cases of suspected fraud, refer the matter to the public prosecutor
The criminal provisions align with the broader criminal law framework for financial legislation. For serious violations, such as offering crypto services without a licence, criminal sanctions also apply.
What changes for you as an investor?
The most concrete consequence of MiCA regulation in Belgium crypto for 2026: not every platform you use today will still be active in 2027. We see three scenarios.
Scenario 1: licensed and active
The major players with an extensive European presence have applied for their MiCA licence over the past 18 months. Coinbase obtained a MiCA licence in Ireland, Bitvavo in the Netherlands, Kraken in Ireland. These parties operate in Belgium via passporting and remain fully available to Belgian customers.
KBC became in March 2026 the first Belgian bank with a MiCA-compliant crypto trading platform. That platform operates under a Belgian licence granted by FSMA. Read more about it in our article: KBC launches MiCA-compliant crypto trading.
Scenario 2: in transition
A number of smaller or newer providers have submitted their licence application but have not yet received a final approval. They operate during the transition period until 1 July 2026. For you as a user this makes little practical difference, except that their product may be limited (e.g. no access to new tokens or stablecoins that are not MiCA-compliant).
Scenario 3: departure or restriction
Some providers choose to leave the European market or to restrict their European offering. Well-known examples are platforms that could not or did not want to apply for a licence because of the strict capital requirements, or that had to limit their stablecoin offering to MiCA-compliant tokens.
In concrete terms for Belgian users:
- Possible delistings of tokens that have not published a whitepaper
- Mandatory conversion of USDT to USDC or euro on certain platforms
- In the most extreme case: account closure and forced withdrawal to another platform or a personal wallet
The practical tip: check the MiCA status of the exchanges you use before 1 July 2026 and, if necessary, move your holdings to a licensed platform or a self-custody wallet (Ledger, Trezor).
MiCA + DAC8 + capital gains tax: the 2026 trinity
Since 1 January 2026, Belgian crypto investors have had to navigate three legal frameworks that overlap but each have their own purpose. The table below sets them out side by side.
| Framework | Purpose | Who | What do you need to do? |
|---|---|---|---|
| MiCA | Regulates the offering of crypto services and the issuance of crypto-assets | FSMA (Belgium), ESMA (EU) | Check whether your exchange holds a MiCA licence or is using the transition period |
| DAC8 | Automatic exchange of transaction data between exchanges and tax authorities | FOD Financien, EU tax authorities | Ensure your identity details are correct at every exchange (self-certification) |
| Capital gains tax | Taxation of capital gains on crypto (10% above the exemption of 10.000 EUR) | FOD Financien | Calculate and declare your capital gains yourself in your personal income tax return |
Important to remember: MiCA concerns the provider, DAC8 concerns the data flows, capital gains tax concerns your declaration. The three reinforce each other. MiCA ensures recognised intermediaries, DAC8 ensures their data reaches FOD Financien (the Belgian tax authority), and the capital gains tax means the tax authorities can act on that data.
For a detailed explanation of each individual framework, read our guides on DAC8 in Belgium and the capital gains tax on crypto. For the broader tax context: crypto taxes in Belgium.
MiCA does not change your tax declaration
A persistent misconception: because an exchange is MiCA-licensed, the tax authorities would no longer be interested in your transactions, or the exchange would already withhold the tax. Neither is correct.
MiCA is a prudential framework: it determines the conditions under which a provider may deliver crypto services. It governs the relationship between the exchange and the supervisor, not the relationship between you and the tax authorities.
For your declaration, the rules of the WIB 92 continue to apply in full, supplemented by the capital gains tax since 2026:
- Capital gains under normal management: 10% above the annual exemption of 10.000 EUR
- Capital gains under speculative management: 33% (miscellaneous income)
- Capital gains under professional use: progressively up to 50%
- Staking rewards and lending interest: 30% movable income on the market value at receipt
No withholding tax is deducted at the point of sale, even on licensed platforms. You remain personally responsible for calculating and declaring your capital gains via Tax-on-Web.
Practical example: Marc and his non-compliant platform
Marc has held an account since 2022 with a foreign exchange platform that primarily offers USDT pairs. On 1 May 2026 he receives an email: the platform is closing its services to EU customers on 30 June 2026 because it cannot obtain a MiCA licence. Marc has 30.000 EUR in holdings: 0,5 BTC and 15.000 USDT.
What does Marc need to do before 1 July 2026?
- Choose a wallet or licensed platform. Marc opens an account at a MiCA-licensed European exchange (e.g. Bitvavo via a Dutch passport, Kraken via Ireland, or the Belgian KBC platform), or installs a self-custody wallet such as Ledger.
- Convert USDT. Not every licensed exchange accepts USDT deposits. Marc converts his 15.000 USDT on the old platform to USDC (MiCA-compliant) or to euro, and transfers that to the new account.
- Move BTC. Marc sends the 0,5 BTC as an on-chain withdrawal to the new wallet or exchange. Points to watch: correct address, network fee, any withdrawal limits.
- Export the transaction history. Before the platform closes, Marc downloads his full CSV export. He needs it to calculate his capital gains for 2026 and as evidence in the event of an audit by FOD Financien.
- Update the CAP declaration. The new foreign account must be reported to the CAP (Centraal Aanspreekpunt, the Belgian Central Point of Contact). The old account only needs to be reported as closed in the next declaration.
- Calculate the tax impact. The conversion from USDT to USDC or euro is a taxable disposal. Marc uses Cryptotax to calculate the capital gain on that conversion using the FIFO rules.
The cost of switching is limited if Marc acts in time: only the network fees and any withdrawal costs. Anyone who waits until 30 June 2026 risks the platform already having limited functionality or withdrawals being delayed.
Frequently asked questions
When does the MiCA regulation in Belgium apply?
MiCA as a European regulation has already applied since 30 December 2024. The Belgian implementing law was approved on 11 December 2025 and governs Belgian supervision and the transition period. For existing providers, that transition period runs until 1 July 2026.
What does MiCA Belgium mean for my exchange?
MiCA Belgium requires every crypto provider targeting Belgian customers to hold a MiCA licence (own licence or via passporting from another Member State). Existing providers may continue to operate until 1 July 2026 on the basis of their old FSMA registration, provided a MiCA application is in progress.
How do I know whether my exchange is MiCA-compliant?
Licensed providers appear in the public register of FSMA (for Belgian licences) or of the competent authority of the Member State where they are established. Major European parties generally publish their licence status in a dedicated section on their website or in their terms and conditions.
Can I still use USDT in Belgium?
Owning and using USDT is not prohibited, but European licensed exchanges may no longer actively offer it to EU customers. Many platforms restrict USDT to sell-only. For stablecoin positions in EUR or USD, EURC and USDC from Circle are the most widely used MiCA-compliant alternatives.
What happens if my exchange does not obtain a licence?
The platform must then stop serving Belgian customers. You will generally receive a notification period to withdraw your holdings via withdrawal or conversion. Move your crypto in time to a licensed platform or a self-custody wallet.
Do I need a MiCA licence myself?
No. MiCA regulates professional service providers. Private individuals who buy, sell, or hold crypto for their own account do not need a licence. Anyone offering crypto services to third parties (e.g. operating a hosted wallet, paid portfolio management) may be subject to the licensing requirement.
Does MiCA change my tax declaration?
No. The tax rules (capital gains tax, staking, professional income) are separate from MiCA. MiCA regulates the provider, not the tax treatment of your transactions. For the declaration itself, the rules of the WIB 92 and the capital gains tax continue to apply.
How does MiCA relate to DAC8?
MiCA and DAC8 are complementary. MiCA ensures recognised intermediaries (CASPs). DAC8 obliges those same CASPs to report your transaction data to the tax authorities. A MiCA-licensed exchange is therefore also subject to DAC8. Read more about DAC8 in Belgium.
May non-European exchanges continue to serve Belgian customers?
Only via an EU-established subsidiary holding a MiCA licence, or via reverse solicitation (the customer takes the initiative). Actively marketing or recruiting Belgian customers without a licence is prohibited and can lead to warnings on the FSMA website.
What about DeFi and self-custody under MiCA?
MiCA regulates intermediaries, not protocols without a central operator. Fully decentralised DEXs (such as Uniswap), self-custody wallets (Ledger, Trezor), and peer-to-peer transactions fall outside MiCA. The European Commission will assess in 2027 whether a separate DeFi regime is needed. Anyone trading via self-custody remains subject to the tax declaration obligation and must report their transactions themselves under the capital gains tax.
Practical action plan for 2026
- Make a list of all exchanges and wallets you use. Include platforms where a residual balance remains.
- Check the MiCA status of each platform. Licensed, in transition, or departing? Check the website or the email communications from the platform.
- Plan migrations in good time. Anyone who needs to move their holdings should do so before May 2026 to avoid a withdrawal peak.
- Update your CAP declaration. Report new foreign accounts to the Centraal Aanspreekpunt.
- Calculate your capital gains. Every conversion during a migration (USDT to USDC, BTC to EUR) may be a taxable disposal.
- Use a tool to track your position. With Cryptotax you automatically keep an overview of all wallets, exchanges, and transactions.
How Cryptotax helps you
Cryptotax imports your transactions from all major MiCA-licensed exchanges and on-chain wallets, automatically recognises swaps, staking, lending, and bridge movements, and calculates your taxable capital gain according to the Belgian rules of 2026. Migrating between platforms because of MiCA? No problem: as long as you import the transaction histories from both platforms, the FIFO chain remains intact and you know exactly what the tax impact is of every conversion.
Start a free scan and immediately see your taxable result for 2026.
Further reading
- DAC8 in Belgium: automatic reporting from 2026
- Capital gains tax on crypto: 10% from 2026
- Belgian crypto taxes: overview
- KBC launches first Belgian MiCA-compliant crypto trading
- Crypto and FOD Financien: declaration obligations
Sources:
- Regulation (EU) 2023/1114 (MiCA)
- FSMA - Belgian Financial Services and Markets Authority
- Belgian Official Gazette (Justel)
Disclaimer: This article is for informational purposes only and does not constitute individual tax or legal advice. For specific situations, consult a recognised Belgian tax adviser or a lawyer with expertise in MiCA and financial regulation.
