Financial Crime World

BELGIUM’S FINTECH REGULATION AND OVERSIGHT: A COMPLEX BALANCE BETWEEN INNOVATION AND SECURITY

==============================

In a rapidly evolving financial landscape, the Financial Services and Markets Authority (FSMA) and the National Bank of Belgium (NBB) have identified FinTech as a crucial theme. FinTech refers to start-ups or established firms that harness technology to offer innovative processes, products, or services in the financial sector.

The Importance of Fintech in Belgium

  • Artificial intelligence and big data applications
  • Distributed ledger technology and crypto assets
  • Mobile payment solutions
  • Alternative distribution models
  • Claims management

Regulatory Framework and Oversight

The FSMA and NBB actively engage with market players to ensure their innovative financial services and products comply with regulatory requirements. Both organizations participate in European and international networks of supervisors, working together to monitor, coordinate, and support financial innovation.

Support for FinTech Companies

  • Direct access to explanations on specific supervisory rules, policies, and authorization procedures
  • Assistance in navigating the supervisory landscape
  • Information on potential supervisory issues when developing an innovative financial concept

Regulatory Challenges

The FSMA has seen a significant increase in inquiries about applying financial rules to crypto-assets, prompting the authority to create a stepwise plan as a guideline for classifying these assets. For market participants interested in European initiatives, the EU Digital Finance Platform is a valuable resource (login required).

Collaboration and Dialogue

By collaborating with FinTech companies and fostering a dialogue between innovation and regulation, the FSMA and NBB aim to ensure that Belgium’s financial sector remains secure while embracing technological advancements. As the regulatory landscape continues to evolve, these organizations will remain at the forefront of supervising and guiding FinTech innovations in the Belgian market.