A recent decision by the Court of First Instance of Walloon Brabant will undoubtedly set a precedent in more ways than one. It provides an innovative solution to the issues of ownership and possession of cryptocurrencies.
Belgian jurisprudence has accepted that the ownership of a cryptocurrency can be proven by the possession of its private cryptographic key. Indeed, only the holder of this private key is technically entitled and able to transfer these cryptocurrencies on the blockchain. This possession can be established by a bailiff and/or computer expert.
From 1 May 2022, providers of exchange services between virtual and legal currencies, providers of wallet services for storing private cryptographic keys and operators of ATMs in Belgium will also be subject to new obligations related to anti-money laundering legislation and will have to register with the Financial Services and Markets Authority (FSMA).
In addition, the European Parliament's Economic Committee has recently adopted the proposed Regulation on cryptoasset markets ("MiCA" Regulation). This regulation establishes a regime applicable to cryptoasset issuers (ICOs, ...) as well as to cryptoasset service providers.

For more information, please contact David Szafran (david.szafran@cew-law.be)