Belgium's FSMA warns against unauthorized crypto firms after MiCA transition ends

Belgium's Financial Services and Markets Authority (FSMA) has warned consumers against several crypto-asset service providers (CASPs) operating without authorization following the end of the EU's transitional period under the Markets in Crypto-Assets (MiCA) Regulation.

The regulator said companies offering crypto-asset services in the European Union must now hold a CASP authorization issued by the competent authority in their home Member State. While new providers have been subject to the requirement since December 2024, the transitional regime for existing firms expired on July 1, 2026.

The FSMA identified six firms that continue to offer crypto services in Belgium without authorization and added them to its list of fraudulent CASPs. The regulator urged investors to verify whether a provider is licensed before using its services.

The watchdog also reminded consumers that crypto-assets remain highly volatile and may suffer from limited liquidity, making it difficult to sell holdings at the desired price. It further cautioned against misleading promotions on social media and noted that, unlike many traditional financial products, crypto-assets are generally not covered by compensation schemes in the event of losses.

Unauthorized CASPs identified by the FSMA