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- May 2024 |
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| MiCAR Newsletter |
The Markets in Crypto-Assets Regulation (MiCAR) will come into effect on December 30, 2024. With this newsletter, the AFM wants to inform the sector about important news and developments in anticipation of MiCAR supervision.
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| AFM is receiving MiCAR-license applications |
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| From 22 April it is possible for Crypto Asset Service Providers to submit a MiCAR-license application/notification to the AFM. We recommend crypto companies to prepare a comprehensive and adequate licence application and submit it in good time to avoid the risk of having to cease activities due to the lack of a required authorisation or notification. |
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| Insights from pre-scan procedures for potential CASP’s |
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| We have gained several insights from the pre-scans that we wish to communicate to the sector so that potential CASPs can consider them during their license application. This includes insights on the legal argumentation on regulatory scope and the level of detail in policies, DORA implementation, conflicts of interest and market abuse detection. |
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| First set of Q&As about MiCAR published |
The AFM has published a first set of Q&As on its website. This first set includes Q&As relevant for the license application process for CASPs and include the following topics: · CASPs also providing PSD2 services, transitional period, light or alternative licensing process, DNB and AFM supervisory contact.
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| Apps are not yet tailored to customers' interest |
| Users of crypto apps are steered towards easy and frequent trading in certain crypto tokens. This creates the risk of consumers making impulsive decisions and purchases that are not best suited for them. This is one of the conclusions of an exploratory study by the AFM into the choice environment of apps of three Dutch crypto-assets service providers. |
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| The AFM will host a webinar on June 25. The webinar will discuss the AFM preparations for MiCAR and provide an in-depth look at the authorization procedure, covering topics like the pre-scan and the licensing procedure. There will also be a Q&A session. You can ask your questions during the session or submit in advance: crypto@afm.nl. We encourage your participation and look forward to your questions. |
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| ESMA launches the third consultation under MiCA |
| The European Securities and Markets Authority (ESMA) had published its third consultation package under the Markets in Crypto-Assets Regulation (MiCAR). The consultation package covers topics such as detection and reporting of suspected market abuse and ICT operational resilience. Stakeholders are encouraged to provide their feedback to the consultation by 25 June 2024. |
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| ESMA finalises first rules on CASPs |
| ESMA publishes the first Final Report under MiCAR. The report aims to foster clarity and predictability, promote fair competition between crypto-asset service providers (CASPs) and a safer environment for investors across the Union. It includes proposals on topics such as the information required for the authorisation of CASPs and how CASPs should address compliants. |
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| What will change for the crypto market and DNB’s supervision? |
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| As of June 30, the first part of MiCAR applies within the European Union. In this article, DNB takes a closer look at the impact of MiCAR on the crypto market and what this means for the supervision of DNB (and the AFM). |
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Questions or feedback?
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| The AFM is committed to promoting fair and transparent financial markets. As an independent market conduct authority, we contribute to a sustainable financial system and prosperity in the Netherlands. |
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