Belgium Activates MiCA Framework as Major Banks Pivot Toward Regulated Crypto-Asset Investment Portfolios

Belgium's "Twin Peaks" regulators activate MiCA as Belfius, ING, and KBC launch crypto services. Learn about new white paper rules and DAC8 tax compliance.

By: AXL Media

Published: Mar 24, 2026, 6:02 AM EDT

Source: Information for this report was sourced from FinReg Flash

A Strategic Reversal in the Belgian Banking Sector

The historically conservative landscape of Belgian finance is undergoing a rapid transformation as the nation’s largest credit institutions begin to embrace digital assets. Belfius, ING, and KBC have recently launched initiatives allowing clients to engage with cryptocurrencies through both direct holdings and indirect trackers. This shift is not merely a reaction to market demand but a strategic response to the enhanced investor protections provided by the new European MiCA regulation. By integrating these volatile assets into traditional banking ecosystems, these institutions are attempting to capture significant domestic interest that was previously relegated to unregulated offshore platforms.

The Twin Peaks Model in the Digital Age

The Law of 11 December 2025 has officially codified the division of labor between Belgium’s primary financial regulators to meet the specific challenges of the crypto-economy. Under the established "Twin Peaks" architecture, the Financial Services and Markets Authority (FSMA) has been designated as the lead for market conduct and the protection of individual investors. Conversely, the National Bank of Belgium (NBB) maintains its focus on prudential oversight, ensuring the systemic stability of issuers. This clear allocation of power is intended to provide a predictable environment for standard crypto-assets, while creating a specialized dual-oversight regime for Asset-Referenced Tokens (ARTs) and E-Money Tokens (EMTs).

Prudential Safeguards for Stablecoin Issuance

As stablecoins gain global prominence, the Belgian framework places heavy emphasis on the prudential requirements for their issuers. The NBB serves as the competent authority for the authorization and governance of ART issuers, managing everything from own funds requirements to recovery and redemption plans. For E-Money Tokens, the NBB shares responsibility with the FPS Economy, which ensures that these tokens remain strictly redeemable and do not offer interest to holders. This granular level of oversight is designed to mitigate the risks associated with "pegged" assets, which the NBB’s 2025 Annual Report notes have surged to a global market capitalization exceeding 300 billion dollars.