Best Fintech Lawyers in Modave

About Fintech Law in Modave, Belgium

Fintech in Modave operates within the Belgian and EU legal frameworks. Although Modave is a small municipality in the province of Liège, any payment, crypto, crowdfunding, insurtech, regtech, or robo-advisory activity undertaken there is primarily regulated at the federal and European Union levels. Local considerations in Modave and the Walloon Region tend to relate to business set-up, employment, language, and practical matters such as premises and municipal formalities rather than sector-specific financial rules.

Belgium has an active supervisory landscape. The Financial Services and Markets Authority supervises conduct of business, markets, crowdfunding, and since 2022 registers virtual asset service providers. The National Bank of Belgium licenses and prudentially supervises payment institutions and electronic money institutions, and has oversight of certain outsourcing and operational risk matters. EU rules apply directly or are transposed into Belgian law, including PSD2 for payment services, MiFID II for investment services, ECSPR for crowdfunding, GDPR for data protection, the Anti-Money Laundering framework, MiCA for crypto assets, and DORA for digital operational resilience.

Nearby Liège offers startup support through regional innovation ecosystems, and Walloon regional programs may provide grants and business support. However, licensing, compliance, and consumer protection expectations are uniform across Belgium, so a Modave-based fintech is held to the same standards as one in Brussels or Antwerp.

Why You May Need a Lawyer

Fintech business models often cut across multiple legal regimes. A lawyer can help determine whether you need authorization as a payment institution, electronic money institution, investment firm, crowdfunding service provider, or crypto asset service provider, or whether you can operate under a lighter regime or exemption.

Founders benefit from early legal scoping to map services to permissions, draft customer terms, and plan safeguarding, complaints handling, incident reporting, marketing approvals, and cross-border passporting. A misstep can lead to unauthorized activity, regulatory investigations, or forced shutdowns.

Operational risk and cybersecurity requirements are becoming more stringent under DORA. Counsel can help structure cloud and outsourcing contracts, incident playbooks, testing obligations, and third-party risk management to meet EU expectations and local supervisory guidance.

AML-CFT compliance is critical. Lawyers assist with risk assessments, KYC procedures, transaction monitoring, travel rule implementation for crypto transfers, sanctions screening, training, and periodic audits aligned with Belgian law and EU standards.

Data protection is central to any fintech. Counsel can steer GDPR strategy, data mapping, DPIAs, legitimate interest assessments, international transfers, cookie and e-privacy issues, and regulator engagement with the Belgian Data Protection Authority.

Other common needs include fundraising and capitalization, employee share incentives, IP and software licensing, consumer law and marketing rules, tax structuring, bank account and safeguarding arrangements, and handling disputes with customers, partners, or service providers.

Local Laws Overview

Licensing - payments and e-money. Providing payment services or issuing electronic money in Belgium typically requires authorization by the National Bank of Belgium as a payment institution or electronic money institution. Light regimes exist for small institutions under thresholds, but conditions apply. Authorized entities can passport across the EU. PSD2 applies to strong customer authentication, access to accounts, and interfaces for AISPs and PISPs. Proposed PSD3 and a new Payment Services Regulation are not yet in force at the time of writing, but planning ahead is prudent.

Crypto assets. Since 2022, crypto exchange and custodian wallet providers operating in Belgium must register with the Financial Services and Markets Authority and comply with AML-CFT obligations, governance, and fitness requirements. The EU Markets in Crypto-Assets framework is entering into application. Rules for stablecoins apply from mid-2024, with the broader regime for crypto asset service providers applying from late 2024 and a transition that may vary by member state. Authorization as a crypto asset service provider will replace national registrations in due course, with the FSMA expected to supervise Belgian CASPs. Marketing of virtual currencies to consumers in Belgium is subject to FSMA advertising rules, including mandatory risk warnings and prior notification for large campaigns.

Investment and robo-advice. If your business provides investment advice, portfolio management, reception and transmission of orders, or operates a multilateral system, MiFID II and Belgian law apply. Some portfolio automation and copy-trading models can qualify as investment services. Authorizations, conduct of business rules, appropriateness or suitability tests, best execution, and marketing rules need to be assessed case-by-case.

Crowdfunding. The EU Crowdfunding Regulation applies to investment-based and lending-based crowdfunding for business finance. Belgian platforms must be authorized as crowdfunding service providers with the FSMA. Investor disclosures, due diligence, conflicts of interest, and marketing rules are detailed and prescriptive. The earlier Belgian regime is superseded by ECSPR.

AML-CFT. Belgian AML law transposes EU directives and applies to a wide range of financial entities, including payment and e-money institutions, crowdfunding service providers, certain crypto service providers, and others. Obligations cover customer due diligence, beneficial ownership verification, transaction monitoring, suspicious activity reporting to the Belgian Financial Intelligence Processing Unit, record-keeping, governance, independent audits, and training. The UBO register filing obligations apply to Belgian companies and certain legal arrangements.

Data protection and e-privacy. GDPR applies to all personal data processing. Fintechs must implement lawfulness, transparency, purpose limitation, data minimization, accuracy, storage limitation, integrity and confidentiality, and accountability. Data subject rights and security breach notification obligations apply. High-risk processing may require a Data Protection Impact Assessment and sometimes prior consultation. E-signatures and trust services are governed by eIDAS. The Belgian Data Protection Authority supervises local compliance and can impose fines.

Operational resilience and cybersecurity. The Digital Operational Resilience Act applies from January 2025 to most EU financial entities and to crypto asset service providers once authorized under MiCA. It sets requirements for ICT risk management, incident reporting, testing, third-party risk, and oversight of critical ICT providers. Belgium is also implementing NIS2. Financial entities within DORA are generally subject to DORA rather than overlapping NIS2 requirements, but suppliers or non-financial parts of a group may still fall under NIS2 depending on sector and size.

Consumer and marketing rules. The Belgian Code of Economic Law contains consumer protection, unfair commercial practices, distance marketing of financial services, and mandatory information rules. The FSMA has specific rules and guidance on advertising financial products, including online and social media. Crypto advertising in Belgium must include standardized risk warnings, and large campaigns require advance notification to the FSMA.

Corporate and governance. Belgian companies commonly use the SRL-BV form with flexible capital rules. Registration with the Crossroads Bank for Enterprises is required, together with VAT and social security registrations. Directors owe duties of care and loyalty, and governance must match your regulated status. Auditors and internal control functions may be mandatory depending on size or license type.

Outsourcing and cloud. EU and Belgian supervisors apply EBA and ESMA outsourcing guidelines to many financial entities. Material outsourcing requires prior assessment, detailed contracts, audit and access rights, data location and security controls, exit strategies, and registers of outsourcing arrangements. Cloud concentration and sub-outsourcing need board-level oversight.

Tax. Financial services are often VAT-exempt, which affects input VAT recovery. Withholding tax can apply to interest and certain distributions. Belgium offers R and D incentives and the innovation income deduction for qualifying IP. Crypto tax treatment depends on the nature and frequency of transactions and whether activity is professional. A tailored tax analysis is recommended early in structuring.

Local practicalities. In Wallonia, many employment documents and dealings with public authorities must be in French. Consumer-facing materials should be clear and not misleading, and language choices should be considered based on your target audience. Local municipal rules can apply to signage, co-working, and home-office use.

Frequently Asked Questions

Do I need a license to run a payment app in Modave

If your app executes or initiates payments, issues payment instruments, or provides account information services to EU users, you likely need authorization as a payment institution or registration as an AISP with the National Bank of Belgium, unless you partner with an authorized institution that provides the regulated service. Small institution regimes exist but have strict limits. Early scoping is essential to avoid unauthorized activity.

How are crypto exchanges and wallet providers regulated in Belgium

Operating a crypto exchange or custodial wallet service in Belgium requires registration with the FSMA under national law, including AML-CFT, governance, and fitness requirements. The EU MiCA regime is taking effect, which will replace national registrations with EU authorizations for crypto asset service providers after a transition. Marketing to Belgian consumers triggers specific FSMA advertising rules with mandatory risk warnings and campaign notifications for large outreach.

What does DORA mean for my fintech

DORA imposes EU-wide rules on ICT risk management, incident reporting, resilience testing, and third-party risk for financial entities, including payment and e-money institutions and, once authorized, crypto asset service providers. You will need an ICT risk framework, incident playbooks, classification and reporting processes, tested business continuity and disaster recovery, a register of outsourcing arrangements, and contracts that include audit and access rights. DORA applies from January 2025, so preparation should start now.

Can I market crypto to Belgian consumers on social media

Yes, but strict rules apply. FSMA regulations require standardized risk warnings on all crypto advertising. If your campaign targets large audiences, prior notification to the FSMA is required. Claims must be fair, clear, and not misleading, and you must avoid implying guaranteed returns. Influencer partnerships are considered advertising and must comply with the same standards.

What AML obligations will I have

Depending on your activities, you will need a risk-based AML program covering customer due diligence, beneficial owner checks, sanctions screening, ongoing monitoring, suspicious activity reporting, record-keeping, and staff training. Crypto transfers may require compliance with the travel rule. Belgium follows a risk-based approach aligned with EU directives, and supervisors expect documented methodologies and quality control.

How is customer data handled under GDPR

You need a lawful basis for each processing activity, transparent notices, data minimization, retention limits, and appropriate security. High-risk processing can require a DPIA. You must handle data subject rights requests and report personal data breaches to the Belgian Data Protection Authority within 72 hours where required. If you use cloud or extra-EEA vendors, ensure appropriate transfer mechanisms and contractual protections.

Do I need a Belgian company to operate

You can passport an EU authorization into Belgium or operate cross-border without a local entity for some activities, but many practical and regulatory considerations favor setting up a Belgian SRL-BV, including hiring, local banking, invoicing, VAT registration, and UBO filings. Some authorizations require a local presence, governance, and mind-and-management in Belgium.

Are smart contracts legally binding in Belgium

Smart contracts are a form of automated performance. Whether they are binding depends on whether the underlying agreement meets contract law requirements such as consent, capacity, lawful cause, and object. Consumer protection, financial regulation, and unfair terms rules can override purely technical execution. It is common to pair smart contract logic with a human-readable legal agreement.

How are fintech and crypto activities taxed

Financial services can be VAT-exempt, impacting input VAT recovery. Corporate income tax applies to profits, with incentives available for R and D and qualifying IP income. For individuals, the tax treatment of crypto gains depends on whether activity is occasional, speculative, or professional. Withholding tax may apply to interest or certain distributions. Obtain tailored tax advice early to avoid friction later.

What should my customer terms and complaints process include

Clear terms should cover the scope of services, fees, risks, safeguarding or custody arrangements, dispute resolution, liability, termination, and regulatory disclosures. Payment and investment services have mandatory information requirements. You must implement a complaints handling policy, respond within specified timelines, and inform clients about out-of-court resolution options where applicable. Keep records and use feedback to improve controls.

Additional Resources

Financial Services and Markets Authority - Belgian conduct supervisor for markets, crowdfunding, crypto registration and authorization under MiCA, and advertising oversight.

National Bank of Belgium - Prudential supervisor and licensing authority for payment institutions and electronic money institutions, and overseer of certain outsourcing and operational risk matters.

Belgian Data Protection Authority - Supervisory authority for GDPR compliance, guidance, and enforcement in Belgium.

Federal Public Service Economy - Business registrations, consumer law guidance, and market practices oversight.

Federal Public Service Finance - Tax administration for corporate income tax, VAT, and withholding tax matters.

Crossroads Bank for Enterprises - Central registry for company numbers and public company data.

FinTech Belgium - Industry association offering events, working groups, and ecosystem connections.

Digital Wallonia - Regional initiative supporting digital transformation and innovation in Wallonia.

Noshaq and LeanSquare - Liège-based investment and acceleration platforms that often interact with tech startups.

Enterprise counter services in the Walloon Region - Practical assistance with business registrations and social security set-up.

Next Steps

Clarify your business model. List every function your product will perform, the types of customers you will serve, and the countries you will target. Map those functions to regulated activities to determine if and where licensing is required.

Book an initial legal scoping. A short workshop with a fintech lawyer can surface licensing triggers, cross-border issues, data flows, IP ownership, and early risks. Ask for a regulatory roadmap that sequences tasks by critical path and time-to-market.

Engage with supervisors early. Use the FSMA and NBB innovation contact points to test your understanding, especially if your model is novel. Pre-application meetings can de-risk the authorization process.

Design compliance into your architecture. Build AML-CFT, GDPR, and DORA requirements into your product and vendor choices. Select cloud providers and core processors that can meet audit, resilience, and data residency expectations. Document everything.

Choose and register your entity. Select an SRL-BV or suitable structure, register with the Crossroads Bank for Enterprises, obtain VAT and social security registrations, and set up governance and internal control functions aligned with your intended license.

Secure banking and safeguarding arrangements. If you handle client funds, set up safeguarded accounts or trust arrangements as required. Negotiate service and audit rights with banking partners.

Prepare customer-facing materials. Draft compliant terms, privacy notices, cookies statements, and marketing templates, including crypto risk warnings if relevant. Establish a complaints policy and incident response plan.

Plan for testing and go-live. Pilot with a limited user group, validate controls, and run tabletop exercises for cyber and fraud incidents. If applying for authorization, prepare complete and consistent application packs and respond promptly to regulator questions.

Monitor legal change. Track MiCA authorization timelines, DORA implementation, payments reforms, AML updates, and Belgian supervisory guidance. Assign ownership for regulatory horizon scanning and policy updates.

Important note. This guide provides general information, not legal advice. For specific situations in Modave or elsewhere in Belgium, consult a qualified Belgian fintech lawyer.