Crypto Asset Service Provider (CASP)

The European Markets in Crypto-Assets Regulation ('MiCA') provides a regulatory framework for crypto-assets at the European level. It consists mainly of rules on the public offering and admission to trading of tokens, the provision of crypto-asset services by service providers and the prevention of market abuse in relation to crypto-assets.

The Regulation was implemented in Belgium by the Law of 11 December 2025.

The legal framework concerns the provision of the following services:

providing custody and administration of crypto-assets on behalf of clients;
operating of a trading platform for crypto-assets;
exchange of crypto-assets for funds;
exchange of crypto-assets for other crypto-assets;
execution of orders for crypto-assets on behalf of clients;
placing of crypto-assets;
reception and transmission of orders for crypto-assets on behalf of clients;
providing advice on crypto-assets;
providing portfolio management on crypto-assets;
providing transfer services for crypto-assets on behalf of clients.

Only 'crypto-asset service providers' (CASP) are permitted to offer these services.

Certain non-CASP entities may, under certain conditions, continue to operate until 30 June 2026 under the transitional regime (see below for more information).

The legal framework provides for two categories of CASP:

CASP that require authorisation pursuant to Article 63 of MiCA prior to offering services on crypto-assets (referred to as 'Art. 63 CASP');
the financial institutions referred to in Article 60 of MiCA, which are permitted to provide the crypto-asset services referred to in Article 60 on condition that they notify the competent authority (referred to as 'Art. 60 CASP').

Note: some regulated entities must still obtain authorisation (as Art. 63 CASP) if they wish to offer services that are not deemed equivalent within the meaning of Article 60. Please find below a clarification for which crypto-asset services, in particular, asset management and investment advice companies, management companies of undertakings for collective investment in transferable securities and alternative investment funds managements may submit a notification. It should also be noted that portfolio management and investment advisory companies, UCITS management companies and AIF managers are not permitted to hold client funds, client-owned crypto-assets, or the means of access to crypto-assets.

CASP are subject to rules of a prudential nature, including governance rules (minimum capital or insurance, fit & proper requirements for members of the management body, controls on share ownership, implementation of internal procedures, etc.). They are also subject to rules of conduct, the purpose of which is to protect clients. Some of these rules of conduct are specific to the crypto-asset service provided by CASP.

The Law of 11 December 2025 establishes a division of powers (authorisation and supervision) between the FSMA and the National Bank of Belgium.

With regard to CASP, the FSMA is responsible for supervising:

Art. 63 CASP, which requires authorisation to provide crypto-asset services. Supervision covers all the requirements that apply to authorised CASP, i.e. both the prudential rules and rules of conduct. As an exception, some Art. 63 CASP that are already subject to the NBB’s prudential oversight will be supervised by the NBB. This applies to securities firms and electronic money institutions wishing to provide crypto-asset services for which they do not benefit from deemed equivalence under Article 60(3) and (4) of the MiCA Regulation, as well as payment institutions wishing to provide crypto-asset services;
compliance with prudential rules by Art. 60 CASP that are permitted to conduct financial sector activities under their existing authorisation and which already fall within the FSMA’s remit pursuant to sectoral legislation;
compliance with the rules of conduct by all Art. 60 CASP.

In addition to its supervisory powers over CASP, the FSMA is responsible for:

supervising public offerings and requests for admission to trading in relation to crypto-assets, with the exception of asset-referenced tokens ('ARTs') and e-money tokens ('EMTs');
ensuring that ART issuers comply with certain specific provisions of the MiCA Regulation that may be qualified as rules of conduct;
checking compliance with the MiCA Regulation rules on the prevention and prohibition of market abuse involving crypto-assets.

Transitional period

Under the transitional regime, CASP that provided their services in accordance with the national law of an EU Member State before 30 December 2024 may continue to provide the same services in that Member State until 1 July 2026 or until they are granted or refused authorisation, whichever occurs sooner.

Note that in Belgium, the FSMA did not grant any registrations under the national rules that were in force prior to MiCA (Royal Decree of 8 February 2022). Before those rules expired, no applicant had submitted a complete application attesting to its ability to meet all legal and regulatory conditions required for registration.

CASP governed by the law of another EU Member State may continue their activities in Belgium during the transitional period, provided that:

they were already active in Belgium (without having an establishment there) on 30 December 2024;
they were permitted to carry on such activities in Belgium by virtue of their national authorisation (in their home country), and provided that they meet all national legal and regulatory obligations under the supervision of the competent authority in their home Member State.

On 4 December 2025, ESMA published a statement setting out its expectations regarding the end of the transitional period. The statement calls upon CASP to make all possible efforts to be compliant and to undertake all possible steps to avoid detriment to their clients, market participants and the integrity of the market, while also complying with applicable AML/CFT requirements, including by applying for MiCA authorisation as soon as possible.

Authorisation and notification

Applications for authorisation (Art. 63 CASP) may be submitted to the FSMA by email to the following address: casp@fsma.be.

Notifications (Art. 60 CASP) can be sent to the following email address: amc@fsma.be.

A company authorised by the FSMA to provide asset management and investment services may, in accordance with Article 60(3) of MiCA, only offer crypto-asset services that are equivalent to the investment services and activities for which it holds a specific authorisation under Directive 2014/65/EU, if it makes such a notification. From the list of crypto-asset services above, asset management and investment advice companies may submit a notification for the following crypto-asset services:

execution of orders for crypto-assets on behalf of clients, insofar the company already holds a specific authorisation for executing orders on behalf of clients as defined in article 2, 2° of the Act of 25 October 2016;
reception and transmission of orders for crypto-assets on behalf of clients, insofar the company holds a specific authorisation for receiving and transmitting orders relating to one or more financial instruments as defined in article 2, 1° of the Act of 25 October 2016;
providing advice on crypto-assets, insofar as the company already holds a specific authorisation for investment advice as defined in article 2, 5°, of the law of 25 October 2016;
providing portfolio management on crypto-assets, insofar the company already holds a specific licence for asset management as defined in article 2, 4° of the Act of 25 October 2016.

A management company of undertakings for collective investments in transferable securities and alternative investment funds management authorised by the FSMA may, in accordance with article 60 (5) of MiCA, only offer crypto-asset services that are equivalent to the management of investment portfolios and ancillary services for which it is authorised under Directive 2009/65/EC or Directive 2011/61/EU, if it makes such a notification. From the list of crypto-asset services above, management companies of undertakings for collective investments in transferable securities and alternative investment funds management may notify the following crypto-asset services:

reception and transmission of orders for crypto-assets on behalf of clients , insofar as the company already holds a specific authorisation for receiving and transmitting orders relating to one or more financial instruments as defined in article 3, 43°, d) of the Act of 19 April 2014;
providing advice on crypto-assets, insofar as the company already holds a specific license for investment advice as defined in article 3, 23°, b) of the Act of 3 August 2012 or in article 3, 43°, b) of the Act of 19 April 2014;
providing portfolio management on crypto-assets, insofar as the company already holds a specific licence for asset management as defined in article 3, 23°, a) of the Act of 19 April 2014.