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Financial services in Hasselt are governed by a layered framework that combines European Union rules with Belgian statutes and supervisory guidance. The key Belgian regulators are the Financial Services and Markets Authority, which is the conduct supervisor for markets and intermediaries, and the National Bank of Belgium, which is the prudential supervisor for banks, insurers, payment institutions, and certain investment firms. Because Belgium is an EU member, core regimes such as MiFID II for investment services, PSD2 for payments, IDD for insurance distribution, the Prospectus Regulation, the Market Abuse Regulation, UCITS and AIFM frameworks, PRIIPs, SFDR and the Taxonomy Regulation all apply. Anti-money laundering requirements follow the EU directives and are implemented in Belgian law, with suspicious transaction reporting to the Belgian Financial Intelligence Processing Unit. Data protection is governed by the EU GDPR and enforced in Belgium by the Data Protection Authority. In 2024 and 2025, two major EU frameworks took effect across Belgium: MiCA for crypto-asset services and DORA for digital operational resilience. Although supervisory authorities are based in Brussels, firms and individuals in Hasselt operate under the same Belgian and EU rules, with local factors such as Dutch language requirements, local courts, and regional business support services coming into play.
Financial regulation is technical, fast-moving, and enforcement-driven. You may need a lawyer to determine whether your business model triggers licensing or registration; to secure authorization for a payment institution, electronic money institution, investment firm, crowdfunding service provider, insurance intermediary, or crypto-asset service provider; to design compliant client onboarding, KYC, AML, and sanctions screening policies; to structure disclosures, product governance, inducements, suitability and appropriateness processes under MiFID II or IDD; to review advertising and marketing materials, including the special Belgian rules for promotions to consumers and the FSMA rules for virtual currency advertising; to respond to FSMA or NBB information requests, inspections, or enforcement actions; to handle a prospectus submission or exemption analysis for a fundraising round; to implement PSD2 open banking, strong customer authentication, and outsourcing or cloud arrangements consistent with EBA guidelines and NBB circulars; to navigate MiCA authorization and transitional paths for crypto businesses; to comply with DORA operational resilience, ICT risk, and incident reporting; to manage cross-border passporting within the EU and interaction with host state rules; to support complaints handling, mediations before Ombudsfin, and litigation before Belgian courts; to structure corporate governance, fit and proper assessments for key function holders, and remuneration policies; to execute transactions involving regulated entities, including due diligence, change of control approvals, and wind-down plans.
Authorizations and who needs one: Banks are subject to prudential licensing led by the National Bank of Belgium within the euro area Single Supervisory Mechanism. Payment institutions and electronic money institutions require authorization from the National Bank of Belgium, including capital, governance, safeguarding of client funds, and oversight of agents and distributors. Investment firms providing investment services such as reception and transmission of orders, execution, portfolio management, or investment advice fall under MiFID II, with conduct supervision by the Financial Services and Markets Authority and prudential oversight depending on firm class. Insurance and reinsurance distribution requires registration and compliance with the Insurance Distribution Directive as implemented in Belgium, with conduct supervision by the Financial Services and Markets Authority and prudential supervision by the National Bank of Belgium for insurers. Crowdfunding service providers are authorized under the EU Crowdfunding Regulation with the Financial Services and Markets Authority as the competent authority. Crypto-asset service providers are subject to the EU Markets in Crypto-Assets Regulation and must be authorized by the Financial Services and Markets Authority, with transitional arrangements where a prior Belgian virtual asset service provider registration existed.
Conduct of business and consumer protection: MiFID II rules cover suitability and appropriateness for retail clients, product governance, disclosure of costs and charges, best execution, conflicts of interest, and inducements. The Market Abuse Regulation applies to issuers and market participants dealing in listed securities, including insider dealing, unlawful disclosure, and market manipulation prohibitions. The Belgian Consumer Code and sectoral rules govern consumer credit and mortgage credit, with the Financial Services and Markets Authority supervising conduct and the National Bank of Belgium operating the Central Individual Credit Register. Insurance distributors must provide pre-contractual information, assess demands and needs, and manage conflicts under the Insurance Distribution Directive. The Financial Services and Markets Authority has specific rules on advertising and has a moratorium on certain complex structured products for retail clients. Advertising of virtual currencies to consumers is subject to risk warnings and other conditions.
AML and sanctions compliance: Belgian AML law requires customer due diligence, ongoing monitoring, beneficial ownership identification, risk assessment, record keeping, and reporting of suspicious transactions to the Belgian Financial Intelligence Processing Unit. Covered entities must appoint an AML compliance officer and implement training and internal controls. EU restrictive measures and financial sanctions apply and must be respected by Belgian firms.
Payments and open banking: PSD2 is implemented in Belgium and requires strong customer authentication, secure communications, and access to account interfaces for third party providers. Outsourcing and ICT arrangements must comply with EBA guidelines and National Bank of Belgium circulars, including robust risk assessments and contractual safeguards.
Crypto and digital assets: MiCA governs the offering of crypto-asset services including custody, trading platforms, exchange, execution, placing, and advice. Asset-referenced and e-money tokens are subject to strict issuance rules. Advertising of crypto-assets must be fair, clear, and not misleading and must meet Belgian specific consumer protection requirements. Anti-money laundering obligations continue to apply to crypto businesses.
Markets and fundraising: Public offerings or admissions to trading of securities generally require an EU prospectus approved by the Financial Services and Markets Authority unless an exemption applies. Ongoing disclosure and insider list requirements apply to listed issuers. The Packaged Retail and Insurance-based Investment Products regime requires a key information document for retail distribution of in-scope products.
Sustainability and disclosures: Financial market participants and financial advisers must comply with the Sustainable Finance Disclosure Regulation and Taxonomy disclosures, including website, pre-contractual, and periodic reporting where applicable. Green claims in marketing are subject to general consumer law and sectoral rules.
Operational resilience and data: The Digital Operational Resilience Act applies to financial entities and certain third party ICT providers and sets requirements for ICT risk management, testing, incident reporting, and oversight. GDPR applies to personal data processing with obligations on transparency, legal basis, minimization, security, data subject rights, and breach notification to the Data Protection Authority. Payment data and financial data may trigger heightened expectations for security and confidentiality.
Local practicalities in Hasselt: Company formation, registration with the Crossroads Bank for Enterprises, and local business permits follow Belgian administrative processes, often facilitated through local enterprise counters and advisors. Proceedings in Hasselt are typically in Dutch, and consumer and commercial disputes may be brought before the competent courts in Limburg. Sector associations and the local chamber of commerce in Limburg can provide practical guidance for businesses starting or scaling regulated activities.
The Financial Services and Markets Authority supervises conduct for markets and intermediaries across Belgium. The National Bank of Belgium supervises prudential aspects of banks, insurers, payment institutions, and certain investment firms. EU authorities such as ESMA, EBA, and EIOPA issue binding technical standards and guidelines that apply in Belgium. Local courts in Limburg handle disputes, but regulatory supervision is national.
If you execute or initiate payments, issue electronic money, or provide payment accounts or wallets that hold client funds, you will likely need authorization as a payment institution or electronic money institution from the National Bank of Belgium. If you only provide technical services without possession of funds, you may be out of scope. A careful assessment of your exact flows, safeguarding model, and agents or distributors is essential before launch.
Most authorizations granted in Belgium under harmonized EU regimes can be passported to other member states, including payment institutions, electronic money institutions, MiFID investment firms, crowdfunding service providers, and crypto-asset service providers under MiCA. You must notify the Belgian supervisor and complete the prescribed passporting process before providing services in the host state.
All covered entities, regardless of size, must perform risk assessments, conduct customer due diligence, identify beneficial owners, monitor transactions, screen against sanctions, keep records, train staff, and report suspicious activity to the Belgian Financial Intelligence Processing Unit. Proportionality allows tailoring controls to your risk profile, but the core obligations still apply.
MiCA is in force and requires authorization by the Financial Services and Markets Authority for crypto-asset service providers such as exchanges, brokers, and custodians. Firms previously registered as virtual asset service providers must transition to MiCA authorization within the applicable timelines. Advertising must be fair and include required warnings. AML obligations continue to apply in full.
Advertising must be clear, fair, and not misleading. MiFID and IDD impose content and balance requirements, with special care for retail investors. The Financial Services and Markets Authority monitors promotions and has specific rules and supervisory expectations for complex products and for virtual currency advertising. Always align promotions with your target market determination and include risk disclosures that are prominent and accurate.
Strong customer authentication requires two factor authentication for electronic payments, subject to limited exemptions. It applies to payment service providers, including card issuers and acquirers, and affects checkout flows and risk engines. If you provide account information or payment initiation services, you must also use secure communication interfaces and meet technical and organizational requirements.
Firms must operate an internal complaints process that is accessible, free, and timely. If the client remains dissatisfied, they can seek mediation through Ombudsfin, the Belgian financial sector ombudsman. The Financial Services and Markets Authority oversees compliance with complaints handling rules and can take action where firms fall short.
Public offers of transferable securities or admission to trading on a regulated market generally require a prospectus approved by the Financial Services and Markets Authority. Exemptions may apply for private placements, qualified investor offers, or small offers below EU thresholds subject to national rules. Alternative routes include the EU crowdfunding regime for eligible offerings.
Supervisors may request documents, interview staff, review client files, test controls, and assess governance and culture. Common focus areas include AML, product governance, outsourcing, IT security, complaints, and disclosures. Prepare a document inventory, designate a liaison, answer accurately, and remediate quickly if issues are identified. Legal counsel can help manage scope and responses.
Financial Services and Markets Authority for conduct supervision, authorizations, and market rules. National Bank of Belgium for prudential supervision and licensing of banks, payment institutions, and electronic money institutions. Belgian Financial Intelligence Processing Unit for suspicious transaction reporting and AML guidance. Belgian Data Protection Authority for GDPR guidance and breach reporting. Ombudsfin for financial sector mediation and dispute resolution. European Securities and Markets Authority, European Banking Authority, and European Insurance and Occupational Pensions Authority for technical standards and guidelines. European Commission Directorate General for Financial Stability, Financial Services and Capital Markets Union for EU policy and regulations. Febelfin for sector insights for banks and payment services. VLAIO for Flemish enterprise support including innovative startups. VOKA Limburg and local enterprise counters in Hasselt for business setup guidance. Crossroads Bank for Enterprises for company registration information.
Clarify your services and flows in writing, including who the client is, what you hold or control, and how money or assets move. Map your activities against Belgian and EU regimes to identify licensing or registration triggers. Assemble key documents such as business plans, financial projections, governance charts, policies for AML, risk, IT, and outsourcing, and draft client facing terms and disclosures. Engage a lawyer with Belgian financial regulatory experience and local knowledge in Hasselt to validate scoping and design an authorization or compliance plan. If you are already operating, perform a gap analysis against MiCA, PSD2, MiFID II or IDD, AML requirements, and DORA, then prioritize remediation. If you intend to market to consumers, plan a compliant advertising strategy and obtain any required approvals or notifications. Establish internal owners for compliance, risk, and IT, train staff, and set up a complaints process and record keeping. For urgent regulatory contact or inspections, keep a clear communication line with supervisors and seek legal advice before responding substantively.
This guide is for general information only. For advice tailored to your situation in Hasselt, consult a qualified Belgian financial services regulation lawyer.
