Belgium is a euro-area financial centre with a concentrated domestic banking sector and a twin-peaks supervisory model: the National Bank of Belgium (NBB) handles prudential supervision and the FSMA handles conduct and markets. Brussels hosts major financial market infrastructure, and the country has a tightly capped gambling regime in which online licences are only available as supplements to land-based licences.
Risk flagStandard
FATFNot listed
EU AML high-risk listNot listed
EU tax listNot listed
Licence regimes6
CurrencyEUR
S&P ratingAA-
Next electiondue by 2029
Not on the FATF grey or black list (June 2026 plenary, 17 to 19 June 2026); as an EU Member State it cannot appear on the EU high-risk third-country list (Delegated Regulation (EU) 2016/1675, last amended by Delegated Regulation (EU) 2026/46) or on the EU tax list (Annex I, revised 17 February 2026). Checked 7 October 2026.
Government and politics
Government
Federal parliamentary constitutional monarchy
King
Philippe · since July 2013
Prime Minister
Bart De Wever (New Flemish Alliance (N-VA))
Governing parties
New Flemish Alliance (N-VA), Reformist Movement (MR), Les Engagés, Vooruit, Christian Democratic and Flemish (CD&V)
Last election
Federal election, 9 June 2024
Next election
Federal election, due by 2029. The five-party 'Arizona' coalition took office on 3 February 2025
Legislature
Federal Parliament: Chamber of Representatives (150 seats) and Senate (60 seats)
Legal system
Civil law based on the French Civil Code
Economy and finance
Population
11.9m (2025)
GDP
USD 724.9bn (2025)
GDP per person
USD 61,002 (2025)
Currency
Euro (EUR), euro (floating, managed by the ECB as part of the Eurosystem)
Central bank
National Bank of Belgium (part of the Eurosystem)
Credit rating
S&P AA- (stable) · Moody's A1 (stable) · Fitch A+ (stable) (as of May 2026)
A highly open, trade-driven economy centred on the port of Antwerp-Bruges, chemicals and pharmaceuticals; Brussels hosts the EU institutions and Euroclear, one of the world's largest securities settlement systems.
Bank
Authorisation (agrément) as a credit institution
Minimum capitalUSD 6.9m
TimelineDecision within 6 months of a complete file and at the latest 12 months after receipt of the application (Banking Act art. 12)
AuthorityECB on a draft decision of the NBB (SSM)
EUR 6.2 million capital, fully paid up to that amount (Banking Act art. 17); above the EUR 5 million EU floor in CRD art. 12
Law
Law of 25 April 2014 on the legal status and supervision of credit institutions (Banking Act), arts. 12 and 17
Passporting
Yes. EU/EEA passport under CRD for branches and cross-border services.
Key requirements
Application filed with the NBB, which prepares a draft decision for the ECB
Capital of at least EUR 6.2 million, paid up
Fit and proper management and approval of qualifying shareholders
Sound organisation, governance and own funds under Regulation (EU) No 575/2013
Authorisation as a stockbroking firm (beursvennootschap / société de bourse) or as a portfolio management and investment advice company
Minimum capitalUSD 84k
TimelineMiFID II art. 7(3): decision within 6 months of a complete application
AuthorityNBB (stockbroking firms, after FSMA advice); FSMA (portfolio management and investment advice companies)
IFD art. 9: EUR 75,000 (no client money, limited services), EUR 150,000 (standard), EUR 750,000 (dealing on own account, underwriting, operating an OTF)
Law
Law of 25 October 2016 on access to the activity of investment services (portfolio management and investment advice companies); stockbroking firms: regime moved out of the Banking Act by the Law of 20 July 2022 (L 2022-07-20/40)
Passporting
Yes. MiFID II passport across the EU/EEA.
Key requirements
Stockbroking firms may provide all MiFID services; portfolio management and investment advice companies are limited to reception and transmission, execution, portfolio management and advice
Programme of operations, financial plan and fit and proper management
Conduct of business rules supervised by the FSMA
Own funds and liquidity under the IFR/IFD framework
Supplementary online licences A+ (casino games), B+ (gaming hall games) and F1+ (betting)
Minimum capitalNot published
TimelineNot published
AuthorityGaming Commission
Law
Law of 7 May 1999 on games of chance, betting, gaming establishments and the protection of players (Gambling Act)
Passporting
No. Gambling is not harmonised at EU level.
Key requirements
An online licence is only available as a supplement to a land-based licence: A+ requires an A casino licence, B+ a B gaming hall licence, F1+ an F1 betting licence
Land-based licences are capped (9 A licences, 180 B licences) and the Gaming Commission states no new A, B or F1 applications are currently possible
Supplementary licences run for the same period as the underlying licence (A: 15 years, B: 9 years, F1: 9 years)
Shareholder transparency, criminal record extracts, tax certificates and solvency documents
MiCA transition: ESMA's list (May 2026 version) shows an 18 month grandfathering period for Belgium, but MiCA caps it at 1 July 2026, so it has ended. The FSMA never granted a registration under the pre-MiCA Royal Decree of 8 February 2022, so only CASPs authorised in another Member State and active in Belgium on 30 December 2024 could use the transitional regime. On 25 June 2026 the FSMA said no CASP yet held an FSMA authorisation. The NBB stockbroking memorandum (2019) predates the Law of 20 July 2022 that took stockbroking firms out of the Banking Act; IFD amounts are given instead of the old national figures. Bank, CASP, investment firm and gaming fees were not found on official pages opened and are left null.
General information
About Belgium
Natural Earth boundaries. Map is indicative.
Status
Sovereign state
Capital
Brussels
Area
30,528 km²
Official languages
Dutch, French, German
Time zone
UTC+01:00 (UTC+02:00 in summer)
Main exports
refined petroleum
natural gas
vaccines
cars
packaged medicine
Main export partners
France
Netherlands
Germany
Italy
United States
Sources for the country information(7)
Country information checked 9 October 2026. Licensing data updated 7 October 2026. Information only, not legal advice; requirements change. Regulatory notice.
