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Usually, fintech activities in the payment sector fall under the regulated activities of providing payment initiation services or account information services under Belgian PSD II legislation.¹

Providing payment services in Belgium is governed by the Belgian Act of 11 March 2018 on the legal status and supervision of payment institutions and electronic money institutions. The access to the undertaking of a payment service provider and the activity of issuing electronic money, as well as the access to payment systems (the Payment Institutions Act), which implements PSD II. The Payment Institutions Act regulates the following payment services:

• the ability to place cash on a payment account and all the operations required to operate the account
• services enabling cash withdrawals from a payment account as well as all the operations required for operating a payment account
• execution of payment transactions, including transfers of funds on a payment account with the user's payment service provider or with another payment service provider (execution of direct debits, payment transactions through a payment instrument and credit transfers, including permanent payment orders)
• execution of payment transactions where the funds are covered by a credit line for a payment service user (execution of direct debits, payment transactions through a payment instrument and credit transfers, including permanent payment orders)
• issuing of payment instruments and acquiring of payment transactions
• money remittance
• payment initiation services
• account information services ¹

PSD II exemptions are also applicable. The following exemptions are frequently invoked in the fintech sector:

• the limited network exemption
• the commercial agent exemption
• the technical service provider exemption ¹

As a result of PSD II, banks are required to provide access to the account data of a customer upon request by third parties (such as payment initiation or account aggregation providers). Access to this data is critical to the development of these new business models.¹

Cryptocurrencies in Belgium

Fintech in Belgium

Fintech in other countries

Notes

1. https://thelawreviews.co.uk/title/the-financial-technology-law-review/belgium