Following the end of the transition period of the European Union code on the market for encrypted assets, the Belgian regime for unlicensed platforms was tightened. The Belgian Financial Services and Markets Authority FSM has placed six unauthorized encryption service providers on the alert list and has reminded users to verify their regulatory status before using the relevant platform.
Commencement of law enforcement after 1 July
FSMA states that the named platform provides encryption services in Belgium, but does not obtain the authorization required by MiCA and is therefore included in its alert list. The circular, which was published on 1 July at the European Union registration point, shows that the regulatory bodies of member States are beginning to advance enforcement under the uniform rules.
With the expiry of Belgium ' s own transitional arrangements, only authorized encrypted asset service providers are allowed to continue to perform regulated operations. It covers services such as hosting, platform operations, exchange of French currency and encrypted assets, exchange of encrypted assets, execution of orders, transfers, investment advice and portfolio management.
Change from MiCA to EU harmonized access
The implementation of the MiCA began at the end of 2024 with the aim of establishing a unified regulatory framework for encryption within the EU. Under this system, enterprises providing regulated encryption services to member States no longer rely primarily on decentralized licensing systems, but require authorization under uniform rules.
The end of the transition period is a clear compliance point for the former operational agencies. Platforms that fail to obtain licences in a timely manner need to cease to provide regulated services in the relevant markets, or face warnings from national regulators or further disposal.
Check the register first.
FSMA reminds users not to respond to service offers from listed platforms or to transfer funds or open accounts without verifying qualifications. The regulator recommended that investors first confirm the legal standing of the platform through an official encrypted register of asset service providers.
This change also reflects that European encryption companies are adjusting their compliance paths. On 24 June, Françan withdrew his application for a MiCA licence in Greece and indicated that he would turn to other European jurisdictions to seek authorization to continue his operations under the new framework.
Cheonan stated at the time that he had not left the European market, but acknowledged that some of his clients might be affected by the phase in meeting regulatory requirements. Similar licence adjustments and business restructuring are expected to continue to occur in the EU market as the July issue passes.