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In Belgium, people are free to use cryptocurrencies in any way they can or want, as long as they and their exchange platforms follow the rules for cryptocurrencies in the country. Cryptocurrencies in Belgium, just like in most countries, are only regulated to prevent money laundering and cyber crimes in relation to the crypto market.
- In summary, starting cryptocurrencies in Belgium is easy, as well as keeping them, as long as you keep following the imposed regulations in the country.
If you’re a Belgian citizen and are interested in investing in cryptocurrencies, read on to find out about all the essential things you need to know before investing.
Best Crypto Exchanges for Belgian Customers to Use
Is Crypto Taxed in Belgium?
Since cryptocurrency investments are becoming more popular in Belgium, a regular investor may wonder if it is legal to buy cryptocurrency there. Purchasing and trading cryptocurrency is legal in any free country, including Belgium. Even though the country taxes cryptocurrencies, they do not have to pay VAT or value-added taxes.
There are various rumours about whether cryptocurrency should be illegal or not, but it all depends on how the currency is used. A cryptocurrency will only be illegal if it is used in illegal acts; anything else is considered legal in almost all countries, including Belgium.
Is it Legal to Buy Cryptocurrency in Belgium?
Even though it is legal to buy, sell, and trade cryptocurrency, it is not legal tender. Civilians are not permitted to use cryptocurrency to pay their taxes, bills, or other obligations. Despite this, Belgium does not forbid shop owners from accepting cryptocurrencies as payment.
Aside from that, it is legal to buy, sell, and trade cryptocurrencies as long as you follow the country’s cryptocurrency regulations, which includes paying the taxes imposed on your held cryptocurrencies.
How Easy is It to Buy Bitcoin in Belgium?
Cryptocurrencies remain unregulated in Belgium, which means you can buy any cryptocurrency without any repercussions and the need to intricately check each of the country’s regulations towards cryptocurrencies. Starting in crypto is easy in general, but with Belgium’s free state, citizens of the country can buy cryptocurrencies easier than in most countries.
To start buying, you must:
Choose a cryptocurrency exchange you would like to buy cryptocurrencies from.
Create and verify an account. Note: Some cryptocurrency exchanges need you to follow intricate KYC steps to ensure any unlawful act will happen on the platform.
Once done, link your payment methods, such as bank transfers, credit and debit cards, as well as payment gateways like PayPal.
After you’ve verified your payment, you can choose any cryptocurrency supported by the exchange and execute the Buy button on it.
Fill in all of the required information and you’re done. Wait until your cryptocurrencies are reflected in your wallet.
Buying Bitcoin in Belgium at a Bitcoin ATM
Belgium has little to no regulations regarding owning and buying cryptocurrencies. As a result of the thriving cryptocurrency economy in Belgium, several Bitcoin ATMs have sprouted up. Belgium has 45 Bitcoin ATMs, which you can find here.
The usual instructions for buying cryptocurrencies using Bitcoin ATMs may vary from one ATM to another due to hardware differences, but the usual instructions run like this:
First, you need to input how much BTC you wish to buy.
Second, you need to scan the QR code of your cryptocurrency wallet on the ATM kiosk.
Once done, you should confirm the transaction and click Done. A receipt will be printed at the bottom of the kiosk.
To finish, go to the cashier and let them scan your receipt then give your payment.
After that, it’s basically finished. You just need to wait for your cryptocurrency to be reflected in your wallet.
What is the Best Cryptocurrency Exchange to Use in Belgium?
For both beginners and experienced traders, Coinsmart is the most recommended cryptocurrency exchange in Belgium. Because of its high security and ease of use, Coinsmart is one of the most popular exchanges among professional Belgian crypto investors. CoinSmart’s fees are also below average, making it one of the best exchanges in Belgium.
Can I purchase bitcoin with a credit card in Belgium?
Yes. Different cryptocurrency exchanges have different rules and regulations as to how much they offer. Some accept credit cards and some don’t. As a Belgian crypto investor, one of the most known facts about crypto in Belgium is its lax regulations towards cryptocurrencies, which makes it easier for almost all cryptocurrency exchanges to operate in the country.
Frequently Asked Questions
Coinbase offers support in Belgium as well as in 100+ countries. With Belgium’s lax regulations, citizens can buy, sell, and trade cryptocurrencies on Coinbase without any restrictions.