Belgium offers payment institution, e-money, and crypto licenses with EU passporting rights. We guide fintech companies through the NBB and FSMA licensing process from entity setup to authorisation.
Belgium is an attractive jurisdiction for fintech companies seeking EU-wide market access. With experienced regulators, EU passporting, and a growing fintech ecosystem, Belgium provides a strong base for payment, e-money, and crypto-asset services. LawSupport guides fintech startups and established companies through the Belgian licensing process — from entity formation to regulatory authorisation.
Payment execution — credit transfers, direct debits, card payments
Money remittance — transferring funds without payment accounts
Payment Initiation Services (PIS) — initiating payments from another bank account (open banking)
Account Information Services (AIS) — aggregating account data from multiple banks
Capital Requirements
Service
Minimum Capital
Money remittance only
€20,000
PIS only
€50,000
Payment services (accounts, execution)
€125,000
E-Money Institution (EMI) License
An EMI license allows issuing electronic money (stored value on prepaid cards, digital wallets) and providing payment services. Higher capital requirement (€350,000) but broader capability than a PI.
Issue electronic money — prepaid cards, digital wallets, stored value accounts
Provide payment services — all services a PI can provide
Distribute and redeem e-money through agents and distributors
EU passporting — operate across all EU/EEA member states
Why Belgium for Fintech?
EU capital — Brussels hosts EU institutions, ECB, and SWIFT headquarters
Experienced regulators — NBB and FSMA have established fintech application processes
EU passporting — single license for 27 EU member states + EEA
Talent pool — multilingual workforce with financial services expertise
Belgium offers several fintech license types: Payment Institution (PI) license under PSD2 for payment services, E-Money Institution (EMI) license for issuing electronic money, VASP registration for crypto services, MiCA CASP authorisation for EU-wide crypto operations, and Account Information Service Provider (AISP) registration for open banking.
A payment institution (PI) license allows a company to provide payment services under PSD2: payment execution, money remittance, payment initiation, and account information services. Licensed by the NBB. Minimum capital: €20,000–€125,000. EU passporting available.
An e-money institution (EMI) license allows issuing electronic money (prepaid cards, digital wallets). Licensed by the NBB. Minimum capital: €350,000. Can also provide payment services. EU passporting available. Small EMI exemption exists for limited issuance below €5 million.
PI license: 6–12 months. EMI license: 9–15 months. VASP: 3–6 months. MiCA CASP: 6–12 months. Small PI/EMI exemptions: 2–4 months. Main factors: application completeness and business model complexity.
Limited exemptions exist: small payment institutions (below €3M/month), small e-money institutions (below €5M outstanding), and agent models. Most fintech activities require a license. Operating without one is a criminal offense.
Belgium offers: central EU location, experienced regulators, EU passporting to 27 member states, strong financial talent pool, competitive costs vs Luxembourg/Ireland, established fintech ecosystem, and regulatory dialogue for innovative models.
A PI provides payment services but cannot issue e-money. An EMI can issue electronic money AND provide payment services. EMIs have higher capital (€350K vs €20K–€125K) but broader capabilities.
Total first-year: Small PI: €15K–€30K. Full PI: €100K–€250K. EMI: €500K–€750K+. VASP: €85K–€135K. Costs include capital, regulatory fees, legal advisory, and compliance infrastructure.
Launch Your Fintech in Belgium
We handle entity setup, compliance framework, and the full NBB/FSMA licensing process.
