MiCA CASP authorisation in Belgium (FSMA)

Why teams look at Belgium

Belgium pairs an EU-institutional location with a regulator known for taking retail investor protection seriously, including early rules on crypto advertising. Under MiCA’s crypto-asset service provider regime, applying from 30 December 2024, the Financial Services and Markets Authority (FSMA) is the authorising authority, with the National Bank of Belgium involved on prudential matters. Belgium suits firms comfortable with a consumer-protection-minded supervisor.

This page is informational and does not replace legal, regulatory, or tax advice. Confirm current requirements, forms, fees, and timelines directly with the FSMA before acting.

The authorisation route

A firm that is not already an EU-authorised financial entity applies to the FSMA for authorisation as a CASP under Article 62. A firm already authorised under EU financial law can use the lighter Article 60 notification.

Under Article 63 the FSMA has 25 working days to confirm completeness and then 40 working days to decide once the file is complete. Assembling a complete file is the slow part.

What the FSMA expects

Local substance

A registered office in Belgium and management effectively based there under Article 59(2).

Conduct and disclosure

The FSMA’s investor-protection focus means clear attention to marketing, client information, and the conduct obligations in Article 66.

Custody and client assets

Segregation, reconciliation, a custody policy, and strict liability for loss under Article 75 where you hold client crypto-assets or the means of access.

Prudential safeguards

Own funds, an insurance policy, a comparable guarantee, or a mix under Article 67, at the higher of the class minimum or one quarter of fixed overheads.

Capital and the Article 67 question

The minimum is 50,000 euro, 125,000 euro, or 150,000 euro depending on the services you are authorised for, or one quarter of the previous year’s fixed overheads if higher. If you are weighing insurance against capital, build the evidence first: see the CASP insurance evidence pack and own funds vs insurance.

Transitional path

Firms operating under Belgium’s pre-MiCA regime do not convert automatically. They transition onto MiCA through a process the FSMA manages within a national transitional window. Confirm the current cut-off date and the exact transition steps with the FSMA.

Transitional dates have moved at the member-state level. Confirm any date against current FSMA guidance before planning around it.

FAQ

Is a Belgium CASP licence valid across the EU?

Yes. A CASP authorisation passports to all 27 member states under Article 65. You authorise in Belgium and notify the host states before providing services there.

Does Belgium have strict crypto marketing rules?

The FSMA has been active on crypto advertising and retail protection. Expect close attention to how you market services and disclose risk. Confirm the current rules with the FSMA.