Belgian Regulator Flags Six Unlicensed Crypto Firms Post-MiCA Deadline
Belgium's FSMA added six unauthorized crypto providers to its fraud list days after the EU's MiCA transitional period ended.
Belgium's financial watchdog moved swiftly to protect consumers this week, with the Financial Services and Markets Authority (FSMA) publicly warning against six crypto-asset service providers it deemed unauthorized and added to its official fraudulent CASP registry — a move that came just days after the European Union's landmark MiCA transitional period expired.
The timing is significant. The Markets in Crypto-Assets regulation, known as MiCA, set a hard deadline for crypto firms operating across the EU to either secure proper licensing or cease offering services to European customers. Belgium's FSMA action signals that national regulators are now ready to enforce compliance in earnest, using the new legal framework as a firm baseline for action rather than a guideline.
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By publishing the names of non-compliant providers on its fraudulent CASP list, the FSMA is doing more than issuing a warning — it is formally alerting Belgian consumers that these platforms operate outside the legal protections now guaranteed under MiCA. Investors using unlicensed platforms risk having little to no recourse if funds are lost or services are abruptly shut down, a risk regulators across the EU are eager to make explicit.
The FSMA's rapid response may set a precedent for how other EU member-state regulators handle the post-MiCA enforcement landscape. With the transitional grace period now closed, firms that delayed licensing applications or ignored MiCA requirements entirely are exposed to escalating regulatory scrutiny, public blacklisting, and potential legal consequences across all 27 member states.
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