Belgium regulates a broad range of activities. These include, among others, the offering of the following:

• Banking services and the intermediation in relation to such services – Banking services (and other services that can be provided by banks) are any of the following services that are provided to a third party:

• Acceptance of deposits and other repayable funds from the public
• Lending, including, inter alia, consumer credit, mortgage credit, factoring with or without recourse, and financing of commercial transactions (including forfeiting)
• Leasing
• Payment services
• Issuing and administering of means of payment other than payment services (e.g., travelers’ checks and bankers’ drafts)
• Guarantees and commitments
• Trading for own account or for the account of customers in: (i) money market instruments; (ii) foreign exchange; (iii) financial futures and options; (iv) swaps and similar financing instruments; and (v) securities
• Participation in share issues and the provision of services related to such issues
• Advice to undertakings on capital structure, industrial strategy and related questions, and advice and services relating to mergers and the acquisition of undertakings
• Intermediation in the interbank market
• Portfolio management or advice
• Safekeeping and administration of securities
• Rental of safes
• Issuance of electronic money

• Investment services and the intermediation for the offering of such services – Investment services are any of the following services or activities in relation to financial instruments:

• Reception and transmission of orders in relation to one or more financial instruments, including bringing together two or more investors in a way that results in a possible transaction between these investors
• Execution of orders on behalf of clients
• Dealing on own account
• Portfolio management
• Investment advice
• Underwriting of financial instruments and/or placing of financial instruments on a firm commitment basis
• Placing of financial instruments without a firm commitment basis
• Operation of multilateral trading facilities
• Operation of organized trading facilities

• Money exchange services – These services are spot foreign currency buying or selling transactions in the form of cash or checks, or through the use of a credit or charge card.
• Payment services and the intermediation for the offering of such services – Payment services are any of the following services:

• Services enabling cash to be placed on a payment account as well as all the operations required for operating a payment 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/or acquiring of payment transactions
• Money remittance
• Payment initiation services
• Account information services

• Issuance of electronic money – Electronic money is a prepaid electronic payment product, which can be card- or account-based.
• Mortgage credits, and the intermediation for the offering of such services – This covers mortgage credits used to finance the acquisition or the keeping of immovable rights in rem.
• Consumer credits, and the intermediation for the offering of such services.
• Insurance services, and the distribution of insurance products (intermediation services) – Regulated insurance distribution activities consist of the following:

• Advising on insurance contracts
• Offering, proposing or carrying out preparatory work to the conclusion of insurance contracts
• Concluding such contracts
• Assisting in the management and performance of such contracts
• Providing information about insurance contracts based on criteria chosen by a customer via a website or other media, and drawing up a ranking list of insurance products, including a price and product comparison, or a discount on the premium of an insurance contract if the customer can enter into an insurance contract (in)directly through a website or other media

• Reinsurance activities – These activities consist of accepting risks ceded by an insurance undertaking or by another reinsurance undertaking.
• Occupational retirement schemes – Institutions for occupational retirement provision providing retirement benefits in the context of an occupational activity are regulated.
• Alternative financing services (crowdfunding platforms) – The offering of alternative financing services through electronic crowdfunding (or crowdlending) platforms is regulated.
• Financial planning – The provision or offering of advice on financial planning to non-professional clients is regulated.
• Virtual currency exchanges and custodian wallet providers – Providers of services for exchanges between virtual currencies and fiduciary currencies and custodian wallet providers, if established on Belgian territory, are obliged to register with the FSMA and are subject to the AML framework. 

Certain types of tokens or virtual currencies, like e-money tokens or security tokens, can be regulated and may trigger licensing requirements under other regulations. For example, the issuing of e-money tokens could require a license as an e-money institution from the NBB. The same principle applies in respect of security tokens, which are tokens that are akin to financial instruments such as shares or other securities because, for example,  they may provide ownership rights in companies, offer the prospects of revenues or returns, or involve a pooling of funds with a view to investment in tokens. These are likely to be assimilated with financial instruments within the meaning of MiFID II, which means that the provision of investment services in relation to such security tokens would likely require a license as MiFID II investment firm from the FSMA or the NBB, depending on the type of license required (FSMA for portfolio management and investment advice companies and NBB for stockbroking firms).