Cryptocurrency is a hot topic these days, with many people asking Is Cryptocurrency Legal In Belgium?
Is it legal to use and mine cryptocurrency in my country?
Is cryptocurrency regulated by the government in my country?
These are all valid questions that we will answer for you today.
Many countries around the world have taken different approaches to regulating cryptocurrencies. Some countries like China and Russia have banned them altogether, while others like Austria are discussing regulation options.
This blog post will help you understand the Legality of cryptocurrency In Belgium.
Is Cryptocurrency Legal in Belgium?
Yes, cryptocurrency is legal in Belgium. Blockchain technology is even supported by the Federal Public Service Economy of Belgium.
However, cryptocurrencies are not considered legal tender in this country and no law can be enforced to make transactions using digital currencies like Bitcoin or Ethereum compulsory.
Belgium follows the same approach as other European countries regarding cryptocurrency regulations. The European Union (EU) has also released its official stance on cryptocurrencies. The EU does not recognize any cryptocurrency as legal tender, nor will it regulate digital currencies in the near future. But this doesn’t mean that they are illegal – just unregulated for now.
The Belgian government is clearly against imposing regulations on cryptocurrencies and Blockchain technology at the moment but warns citizens to be careful with their money when investing in digital currencies.
Top 20 Cryptocurrencies to Invest in Belgium
cryptocurrencies are an interesting investment market with significant volatility.
On the other hand, there is a lot of uncertainty associated with investing in cryptocurrency because it could be a bubble and because the coins may develop different trajectories or have increased execution risks compared to traditional or established currencies.
With that being said, I believe it comes down to 2 questions:
- what do you propose to invest in?
- how much money would you like to risk in this position?
Below are 20 crypto coins that might be valuable to invest in if you’re interested. These rankings take into account trading volume, market capitalization.
With so many currencies on the market, it’s often difficult to know where to begin. But, to get you started, here are the top 20 cryptocurrencies you need to know for 2021:
- Ethereum (ETH)
- Bitcoin (BTC)
- XRP (XRP)
- Stellar (XLM)
- Cardano (ADA)
- Dogecoin (DOGE)
- Polkadot (DOT)
- Neo (NEO)
- Celsius (CEL)
- Nano (NANO)
- Chainlink (LINK)
- Monero (XMR)
- Tether (USDT)
- Litecoin (LTC)
- Binance Coin (BNB)
- NEM (XEM)
- TRON (TRX)
- Dash (DASH)
- Zcash (ZEC)
- Bitcoin Gold (BTG)
Do Belgium banks accept Bitcoin or any type of Crypto?
No, Belgium bank doesn’t accept Bitcoin or any type of Crypto.
The country’s central bank, the National Bank of Belgium (NBB), is responsible for the issuance and regulation of legal tender in the nation, including its currency which is the Euro. However, they do not recognize bitcoin as a form of electronic money that does not require third-party support to fund transfers.
How can I buy Bitcoin legally in Belgium?
You can buy Bitcoin legally in Belgium through a trusted crypto exchange. There are a few exchanges that you can use to buy Bitcoin, such as:
- Coinbase
- Kraken
- Bitstamp
- Coinmama
Note: There are many other exchanges that you can buy Bitcoin from. This is just a list of the most used and trusted ones.
Can you buy crypto with a credit card in Belgium?
Yes, you can buy crypto with a credit card in Belgium.
There are several services that will allow you to buy cryptos using your credit cards, such as Coinbase, Coinmama, and CEX.io.
The only thing is that the fee for this service tends to be on the higher side (around ~12%).
However, if you really need to use your credit card for purchasing cryptos, then you have very little choice.
In the future there might be more services that offer this service at a lower cost as competition in crypto exchanges is fierce and they are always looking for ways of attracting new customers.
Is Coinbase legal in Belgium?
Definitely, Coinbase is supported by Belgian law.
As a citizen of Belgium, you can use this bitcoin wallet and buy cryptocurrencies like Bitcoin, Ethereum, or Litecoin.
And if you are not a citizen of Belgium it is also possible to open an account on Coinbase with all the benefits for non-Belgian citizens (no VAT).
Citizens of Belgium can convert, purchase, and trade cryptocurrencies for fiat. The following payment methods are available: Bank Deposit, PayPal, 3D Secure, Credit Card, and Debit Card.
Is Binance legal in Belgium?
Yes, Binance is legal in Belgium. There are no laws or regulations against cryptocurrencies and the exchange of cryptos from one cryptocurrency to another. The only legal issue with Binance is about KYC, not about its legality as a business entity.
Binance was set up by a group of Chinese developers who wanted an international platform where anyone could trade cryptocurrencies without needing to share personal information. This makes Binance a perfect platform to trade cryptocurrencies, as it provides anonymity and security without compromising on user control or the decentralization of the blockchain.
How can I sell my Bitcoin in Belgium in 2021?
You can sell your Bitcoin in Belgium by contacting a local Belgian Bitcoin exchange and trading with them. It would be best to trade your Bitcoins for fiat currencies like Euros, Dollars, British Pounds, or Swiss Francs.
You can also use an international cryptocurrency exchange that supports Belgium as one of its countries such as Coinbase or BitPanda. Please note that not all exchanges support the Euro currency so you may need to do some research on the cryptocurrency exchanges available in Belgium.
Can I convert Bitcoin to cash in Belgium?
You can convert your Bitcoin to cash in Belgium through any exchange with Euros trading pairs which will allow you to sell your Bitcoin for fiat currency. You can then withdraw the Fiat currency from that exchange into your bank account.
In conclusion, Can I convert Bitcoin to cash in Belgium? Yes, you definitely can and it’s as simple as trading any other crypto or fiat currencies on exchanges like Kraken, LocalBitcoin, and Coinmama.
You can also do this indirectly through a third party like bitvavo.com who will sell your Bitcoin for you and send the money to your bank account in Belgium or PayPal accounts worldwide, at an additional charge of around €0.15 per transaction.
What is the future of cryptocurrencies In Belgium?
Belgium is a very forward-thinking country in regard to cryptocurrencies, and they’re working on implementing crypto legislation for favorable crypto use. In the meantime, you can find a lot of services accepting cryptocurrency with an online search for local news articles.
Belgium is making good headway with legislation to encourage businesses in their economy to adopt a point of sale system facilitated with digital wallets in order to provide a better user experience. The goal in Belgium is similar in scope to other EU countries like France who are making efforts to make it easier for users (of any age) by incorporating protections against scams and unauthorized charges (like hidden fees) while also ensuring any risk incurred by consumers during transactions are limited. This will only lead to more adoption of cryptocurrencies.
Belgium has also made cyber security regulations in order to prevent, detect and respond to digital attacks that are threatening the country’s IT infrastructure with stiff penalties for violations.
What this means is Belgium wants businesses who operate within their borders using online services to be upstanding citizens in regards to cyber security. This means that companies who provide cryptocurrency services will have to abide by these laws or face stiff penalties for non-compliance. What this also means is that Belgium has made it a priority in protecting digital assets which makes crypto more attractive as an investment vehicle and trade commodity there.
The future of cryptocurrencies In Belgium includes a lot of legislative efforts to incorporate cryptocurrency as a mode of payment with favorable regulations.
Is Bitcoin or Cryptocurrency taxable in Belgium?
Yes, Bitcoin or Cryptocurrency is taxable in Belgium.
Cryptocurrency is not considered “legal tender”, so it is subject to capital gains tax in Belgium.
On July 12, 2017, Belgian authorities announced a tax on profits made from buying and selling cryptocurrencies such as Bitcoin or Ethereum.
The following transactions are subject to taxation: – Buying cryptocurrency with regular money – Selling cryptocurrency for regular money – Earning through mining (proof of work) – Airdrops (receiving free tokens)
Is Cryptocurrency banned in Belgium?
No. Cryptocurrency is not banned in Belgium.
The official statement on the Belgian bitcoin website says, Central Bank of Belgium announced that it does not intend to regulate or prohibit the use of bitcoins by individual persons, within its competency.
Trading bitcoins is still subject to Belgian taxes and other formalities. The Central Bank of Belgium only warns against risks related to converting currencies for speculative purposes and asks market participants, including financial intermediaries, to consider how trading in cryptocurrencies affects their reputation with customers.
Is trading in cryptocurrency legal in Belgium?
Yes, trading is definitely legal in Belgium.
In fact, cryptocurrency trading in Belgium is not regulated by the Flemish government so you don’t have to worry about any legal issues when doing it here. As a Belgian citizen and trader of digital assets, your investment can be taxed.
Although there are no laws or regulations that specifically address cryptocurrency trading in Belgium, the Belgian Financial Services and Markets Authority is responsible for regulating financial markets.
Is investing in cryptocurrency legal in Belgium?
Investing and trading in cryptocurrency is legal in Belgium.
However, there are some regulations and rules to keep in mind if you want to start investing or trading cryptocurrencies.
The most important thing is that it has to be done with money you can afford to lose.
If you start investing or trading in cryptocurrency, always make sure that your coins are properly stored and backed up on a secure wallet.
It’s also recommended not to invest more than what you are willing to stand the risk of losing.
Belgium is part of the European Union, and most countries within the EU have similar cryptocurrency regulations and laws in place.
The best thing to do before investing or trading is always to do your own research on the coins you want to invest in, as well as look into their white paper.
Is mining cryptocurrency legal in Belgium?
Yes, Mining cryptocurrencies is legal in Belgium. Because bitcoin mining still requires substantial computing power, scaling it up has proven to be difficult. Furthermore, mining bitcoin consumes large amounts of energy and creates significant greenhouse gas emissions, so mining is the process of verifying transactions that are then added to a public ledger called blockchain, which maintains the permanent record of every transaction. It’s important to use renewable or clean energy sources when possible.”
You will need to get approval from the government or power company if you are using different sources of energy to power your mining equipment.
Is buying and selling cryptocurrency legal in Belgium?
Buying is selling cryptocurrency in Belgium is not illegal.
However, the government of this country does take a very negative stand towards Bitcoin and other altcoins because they are afraid that a lack of regulation can lead to an increase in criminal activities such as money laundering and terrorist financing.
The Belgian government is concerned about the lack of control on cryptocurrency transactions because this may lead to an increase in criminal activities such as money laundering or terrorist financing.
Therefore, they are working hard towards regulating cryptocurrencies so that these illegal activities can be prevented.
However, there is no law against buying or selling Bitcoins, even though the government is trying to prevent this practice.
Despite this, it’s a good idea not to conduct any transactions with large amounts of money since there are no laws against these practices either.
As long as you make sure that you do everything right and follow all the rules set out by your country.
Is Cryptocurrency Legal in Belgium – Final Thoughts
Cryptocurrency in Belgium is not illegal, but the government is very restrictive about it.
It’s not illegal to own cryptocurrency in Belgium, but exchanges and trading platforms are required to be approved by the Financial Services and Markets Authority (FSMA) and must maintain strict anti-money laundering and know your customer policies.
There currently seems to be no regulation against Bitcoin in Belgium. You can buy, sell, and trade for Bitcoin without any worries.
However, the government has been known to change laws rapidly and you should ensure that your Bitcoin transactions are legal.
Cryptocurrency has been the topic of discussion in Belgium and there is a strong possibility that it’s the best future investment option.
However, you should never invest money that you cannot afford to lose.
