Cryptoreflexion on reflexions

CryptoReflexions#23 - Crypto Treasury in a Belgian Company Opportunity or Risk?

Mon, 04 May 2026 00:00:00 +0000

Hello everyone,

A report published in March 2026 by Keyrock, Safe, and DLResearch analyzes the treasury management of 25 major crypto protocols. The finding is striking: 93% of their assets are unproductive. These organizations manage billions, yet leave most of it sitting idle.

This is not a criticism of the crypto sector. It is an opportunity for you.

Because if even crypto professionals underutilize their reserves, the tools they are beginning to adopt to remedy this are precisely the ones you can use, as a Belgian company director, to put your dormant treasury to work differently.

CryptoReflexions#22 - The USA Is Building Its Crypto Regulatory Framework.

Mon, 06 Apr 2026 00:00:00 +0000

Hello everyone,

The United States has laid, in the span of a few months, the foundations of a comprehensive regulatory framework for crypto-assets. The GENIUS Act has become law. The CLARITY Act has passed the House of Representatives and is progressing (with difficulty) in the Senate. Wyoming has launched the first stablecoin issued by a US state. And the New York regulator had, as early as 2022, paved the way with its requirements on dollar-backed stablecoins.

CryptoReflexions#21 - Bitcoin Treasury Companies.

Mon, 02 Mar 2026 00:00:00 +0000

Hello everyone,

Today, a reflection on Bitcoin Treasury Companies — this model that generates a lot of discussion — and what it actually means for a Belgian investor.

Interested?

Let’s go!

What Is a Bitcoin Treasury Company?

A Bitcoin Treasury Company is a publicly listed company whose primary activity consists of massively accumulating bitcoin as a strategic reserve. The mechanism relies on three steps: raising funds through shares or bonds, acquiring BTC in large quantities, then holding it long-term while betting on its appreciation.

CryptoReflexions#20 - Blockchain and Privacy 6 Myths to Debunk

Mon, 02 Feb 2026 00:00:00 +0000

Hello everyone,

Today, a reflection on privacy on blockchains — through six persistent myths that it is time to debunk.

Interested?

Let’s go!

Blockchain and Privacy: 6 Myths to Debunk

The tension between transparency and confidentiality is not inevitable. Cryptographic advances — notably zero-knowledge proofs (ZKPs) — make it possible to protect users’ privacy while meeting compliance requirements. Here are six misconceptions to reconsider.

1. Is Privacy a Problem Unique to Crypto?

Every technological revolution has reshuffled the cards of privacy. The 19th century saw similar concerns arise around the telegraph, photography, and the telephone. The foundational article by Brandeis & Warren, The Right to Privacy (1890), was born from this context. Privacy on blockchain is a societal question — not a crypto-specific problem.

CryptoReflexions#19 - Coinbase Sanctioned in Ireland for Non-Compliance with Anti-Money Laundering Law

Mon, 05 Jan 2026 00:00:00 +0000

Hello everyone,

Today, a reflection on the sanction imposed on Coinbase by the Central Bank of Ireland — and what it reveals about the growing regulatory requirements in Europe.

Interested?

Let’s go!

The Sanction

In November 2025, the Central Bank of Ireland imposed a fine of 21.5 million euros on Coinbase Europe for serious shortcomings in its anti-money laundering (AML) system. This event is of particular significance as MiCA comes into full effect in Europe.

CryptoReflexions#18 - The Return of Privacy Coins.

Thu, 04 Dec 2025 00:00:00 +0000

Hello everyone,

Today, a reflection on the return of privacy coins — and what it concretely implies from a legal and tax perspective in Belgium.

Interested?

Let’s go!

The Return of Privacy Coins

Zero-knowledge proofs (ZKPs) are transforming the way transactions are secured. The launch of the Zashi wallet recently democratized access to confidential transactions for the general public, putting privacy coins — and Zcash in particular — back in the spotlight.

CryptoReflexions#17 - Tax Data Super-Database & Crypto-Assets

Sat, 01 Nov 2025 00:00:00 +0000

Hello everyone,

Today, a reflection on a Belgian legislative project that deserves attention: the merger of the Central Contact Point (PCC) with the tax authority’s data warehouse — with crypto-assets in the crosshairs.

Interested?

Let’s go!

The Project in Brief

The Belgian government is advancing a bill that authorizes the automated exploration of data combining banking information and tax data. This is no longer reactive tax control, but proactive surveillance based on data mining and algorithmic profiling.

CryptoReflexions#16 - The Taxation of Capital Gains on Crypto-Assets Becomes Clearer

Fri, 18 Jul 2025 00:00:00 +0000

Hello everyone,

Today, a reflection on the Belgian tax reform concerning the taxation of capital gains on crypto-assets — approved on July 18, 2025.

Interested?

Let’s go!

A Major Tax Reform

What was once called a “solidarity contribution” is now becoming a general tax on gains realized on financial assets. Until now, these capital gains generally escaped taxation in the private sector, except in particular cases such as speculation or substantial shareholdings.

CryptoReflexions#15 - You Should Have Known It Was Taxable

Wed, 16 Apr 2025 00:00:00 +0000

Hello everyone,

Today, a reflection on the tax nature of crypto and the problems in case of an audit in light of recent case law.

Interested?

Let’s go!

Tax Ignorance Is Losing Ground

A recent ruling by the Antwerp Court of Appeal firmly reminded us: ignoring a tax obligation is no longer sufficient to set aside a surcharge. Even when technical complexity comes into play, judges now expect taxpayers to demonstrate vigilance.

CryptoReflexions#14 - Crypto Taxation in Belgium

Tue, 25 Feb 2025 00:00:00 +0000

On January 31, 2025, Bart De Wever unveiled a nearly 200-page document outlining the broad strokes of the new Belgian federal government agreement. Among the key measures, several provisions concern the taxation of crypto-assets, notably the taxation of capital gains and the declaratory obligations for wallets.

Although the precise details of this reform remain to be specified according to the legislative calendar, it is interesting to analyze the potential implications of these proposals for the Belgian crypto sector in order to benefit from optimizing the tax treatment of one’s investments.

CryptoReflexions#13 - The Regulator's Paradox

Mon, 03 Feb 2025 00:00:00 +0000

The Regulator’s Paradox

Hello everyone,

Once again, I am writing about the role of the regulator. In June 2023, I published an op-ed in which I shared my vision of a regulator’s role. A more comprehensive and detailed blog post was also written here.

Unfortunately, and without much surprise, my recommendations were not implemented. However, with a touch of bitterness, we find ourselves 1.5 years later in the same situation. Or even worse…

CryptoReflexions#12 - the Tornado Cash case

Thu, 16 Jan 2025 00:00:00 +0000

The Tornado Cash case

A new milestone in the Tornado Cash (hereinafter TC) saga. An American decision was recently handed down and reforms the legality of the sanction imposed by OFAC. Let us take advantage of this decision to review the case.

Tornado Cash, what is it?

TC is a software protocol deployed on Ethereum. TC acts as a token “mixer.” It allows masking the origin and destination of crypto-asset transfers by collecting, pooling, and mixing the crypto-assets deposited by many users into the protocol. It therefore allows masking the link between 2 wallets (while retaining proof of the link between the 2 wallets).

CryptoReflexions#11 - stablecoins & MiCA

Sun, 24 Nov 2024 00:00:00 +0000

Growing adoption of crypto-assets and a changing regulatory framework

A recent study by ADAN, published in 2024, reveals that the proportion of crypto-asset holders ranges from 12% in France to 17% in the Netherlands. These figures, constantly evolving, reflect a growing adoption of crypto-assets, a trend that has been observed for several years. The reasons behind this adoption can be multiple, ranging from improved knowledge about crypto-assets to the search for asset diversification, as well as facilitated access thanks to increasingly intuitive digital platforms.

CryptoReflexions#10 - The obligation to declare crypto accounts

Wed, 30 Oct 2024 00:00:00 +0000

UPDATE 18/02/2025: my position and the reading of the legal texts seem to be confirmed by the new government which stated in the federal coalition agreement that “Cryptocurrency accounts will also need to be notified to the PCC.” In other words, if the regime was clear and straightforward before, why does the note use the future tense? This declaration announcement allows me to confirm my interpretation. Until further notice, crypto accounts do not have to be declared (nothing prevents you from trying to do so).

CryptoReflexions#9 - The diseases of blockchain and the EU regulation on instant payments

Sun, 01 Sep 2024 00:00:00 +0000

Hello everyone,

Here is the 2nd part of my reflections following the symposium of May 6, 2024, devoted to the European MiCA regulation, electronic money, and payments, organized by HEC-Paris as part of the Worldline chair.

I was invited to a panel discussion composed of several other people see here about the symposium.

Interested?

Let’s go!

Find the 1st part here

A scaling problem?

Second article of reflections following the discussions I had during the symposium. During it, a remark concerned the difficulties of processing transactions at scale within distributed ledgers.

CryptoReflexions#8 - MiCA & payments

Thu, 23 May 2024 00:00:00 +0000

On May 6, 2024, a symposium on the European MiCA regulation, electronic money, and payments was organized by HEC-Paris as part of the Worldline chair.

I was invited to a panel discussion composed of several other people see here about the symposium.

The panel format does not allow for detailed reflection and exposition on the questions asked, so I wanted to consolidate my thoughts in the lines that follow.

These reflections will be spread across 3 texts, of which this one is the “launch” point.

CryptoReflexions#7 - toward a tokenized society?

Fri, 01 Mar 2024 00:00:00 +0000

Introduction

The acceptance of Bitcoin ETFs by the SEC (USA) sends a strong signal to the market, indicating a growing acceptance of crypto-assets by financial institutions. This milestone marks a turning point, where Bitcoin and other crypto-assets are increasingly perceived as legitimate investment instruments. For ordinary investors and businesses, this translates into an opportunity to integrate Bitcoin into their investment strategies.

However, it is important to highlight the particular aspect of Bitcoin’s supply. Limited to 21 million units, Bitcoin’s supply is capped and cannot be modified. This characteristic intrinsic to the protocol creates a market dynamic.

CryptoReflexions#6 - influencers & crypto-assets

Thu, 07 Sep 2023 00:00:00 +0000

Superior Council of Audiovisual (BE)

The Superior Council of Audiovisual (CSA) recently conducted an in-depth study on commercial communication and its use by influencers in the Wallonia-Brussels Federation (FWB). This study, based on monitoring 146 videos broadcast on YouTube, TikTok, and Instagram in 2022, aims to understand how influencers integrate commercial communication into their content.

While the sample of this study (146 videos) is limited, the information drawn from it is nonetheless interesting.

CryptoReflexions#5 - 2023 - the summer of public consultations

Thu, 20 Jul 2023 00:00:00 +0000

IOSCO (international)

The International Organization of Securities Commissions (IOSCO) has launched a consultation to obtain detailed recommendations on how to regulate crypto-assets globally. This initiative aims to improve international standards for crypto-asset regulation, describing how customers should be protected and how crypto-asset exchanges should meet the standards that apply to markets.

Jean-Paul Servais, Chairman of IOSCO, emphasized the need to end the regulatory uncertainty surrounding activities related to crypto-assets.

The recommendations cover six key areas:

CryptoReflexions#4 - the role of the regulator

Sat, 03 Jun 2023 00:00:00 +0000

“The role of the regulator must be to facilitate exchanges among all actors, to foster dialogue, to mobilize and make the whole of society accountable, and to speak on its behalf. The regulator, whatever it may be, will thus lay the foundations of what could be a participatory conception of regulation (…). In other words, the regulator must be society’s instrument to counterbalance the power of the strongest.”

This passage is taken from the book by Serge Abiteboul & Jean Cattan, “Nous sommes les reseaux sociaux” (We Are Social Networks).

CryptoReflexions#3 - the principle of technological neutrality applied to the crypto-asset sector

Mon, 20 Feb 2023 00:00:00 +0000

What is the principle of technological neutrality?

Technological neutrality is the principle whereby the State must not impose a preference for or against a given technology.

This principle has been notably applied in the context of Internet regulation.

The OECD recommended, for example, taking into account the “fundamentally open nature of the internet and the free flow of information, while ensuring that privacy, children and intellectual property are adequately protected.”

CryptoReflexions#2

Mon, 30 Jan 2023 00:00:00 +0000

Context

In 2019, France adopted the PACTE law. This law introduced the concept of digital assets into French law and the PSAN (digital asset service provider).

This status regulated by the French Market Authority (hereinafter AMF) means that any entity considered a PSAN must apply for registration (or approval) from the market authority to carry out its activity, which has become regulated.

Registration and approval are two distinct things under the law.

CryptoReflexions#1 - Privacy and crypto-assets an impossible marriage?

Thu, 22 Dec 2022 00:00:00 +0000

“Privacy is necessary for an open society in the electronic age. Privacy is not secrecy. A private matter is something one doesn’t want the whole world to know, but a secret matter is something one doesn’t want anybody to know. Privacy is the power to selectively reveal oneself to the world.” These lines are taken from the Cypherpunk manifesto written in 1993 by Eric Hughes.

This imperative need for an alternative to the electronic payment system mentioned by Eric Hughes was addressed by Satoshi Nakamoto, the creator of Bitcoin, who offered the world a whole — the computer code to create a peer-to-peer payment system. This system allows users to maintain their anonymity while using distributed ledger technology.