Global Stablecoin Regulation

Belgium

Last Updated: May 20, 2026

Plasma

Last Updated: May 20, 2026

As of 2025, Belgium regulates stablecoins primarily through the EU Markets in Crypto-Assets Regulation (MiCA). MiCA mandates authorisation for issuers, full-reserve backing and transparency/audit rules for EMTs/ARTs. CASPs active before 30 Dec 2024 may continue under the EU transitional regime until 1 Jul 2026, and MiCA-authorised firms can serve Belgium via passporting. Belgium also restricts retail distribution of certain derivatives (e.g., CFDs), which covers crypto-CFDs. A consortium of European banks (including Belgium’s KBC) has announced plans for a MiCA-compliant euro stablecoin targeted for 2H 2026.

FSMA - Crypto Asset Service Provider (CASP): MiCA passport & transitional period (to 1 Jul 2026)

MiCA Regulation (EU) 2023/1114 - consolidated text (EUR-Lex)

+ 3

Legal Status

Legal with restrictions

Regularity Clarity

5/5

Regime Status

In-Force

Allowed Types

Fiat Referenced

Asset Referenced

Classification

E-Money

Crypto Asset

Belgium applies EU MiCA: stablecoins are Electronic Money Tokens (EMTs) or Asset-Referenced Tokens (ARTs). EMTs are single-fiat and fully backed; reserves must include ≥30% bank deposits (≥60% if “significant”). ARTs reference baskets and face stricter prudential oversight; EMTs may be issued only by EU-authorised EMIs/credit institutions, and ART issuers must be EU legal persons authorised by the NCA (or a credit institution). MiCA requires a white paper (ARTs approved, EMTs notified). Stablecoins are not legal tender. From 1 January 2026, gains on financial assets including crypto are taxed at 10% (enacted 2 April 2026, retroactive; annual €10,000 exemption; cost basis set at 31 December 2025 fair-market value for pre-existing holdings).

Regulation (EU) 2023/1114 (MiCA) - Consolidated text (EUR-Lex)

EBA - Final report on draft RTS for MiCA reserves (ARTs/EMTs)

+ 3

Regulatory Authorities

Financial Services and Markets Authority (FSMA)

Belgium’s MiCA competent authority; licenses/supervises ART/EMT issuers (non-banks) and CASPs; marketing & conduct rules.

National Bank of Belgium (NBB)

Macro/financial-stability oversight (incl. crypto risks) and cooperation with FSMA; prudential supervisor of Belgian banks.

Top Issuers

Circle (USDC, EURC)

SGForge (EURCV, USDCV)

Monerium (EURe)

AllUnity (EURAU)

Paxos (USDG, USDP, PYUSD)

Consumer Protection

Reserve Requirements

Reserves must fully cover outstanding tokens and be invested in high-quality, liquid assets. At least 30% of the reserve (or 60% if the token is significant) must be deposits with credit institutions.

Auditing

Issuers are subject to independent auditor verification of reserves and ongoing reporting/disclosure to competent authorities under MiCA/EBA rules.

Redemption Rights

EMTs: redeemable at par in the reference currency at any time. ARTs: redeemable at the market value of the referenced assets (or by delivery of those assets). Issuers must maintain redemption plans for orderly payouts if needed.

Recent Developments

Remittance Race

Find the cheapest and fastest way to send money abroad, comparing traditional methods alongside stablecoin options like Plasma.