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- July 2024 |
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| MiCAR Newsletter |
The Markets in Crypto-Assets Regulation (MiCAR) will be completely 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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| Apply for a licence in time |
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| The AFM calls on crypto companies to apply for a licence in a timely manner. In general, the processing time for a licence application is (at least) 5 months and often takes several months longer. If a crypto company does not have a licence after 30 December 2024 (and 30 June 2025 for crypto companies with an AMLD5-registration from DNB), the AFM may impose measures (such as an order subject to a penalty or a fine). |
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| Second set of Q&As about MiCAR published |
The AFM has published a second set of Q&As on its website. This second set includes Q&As relevant for the licence application process for CASPs and include the following topics:
- Asset segregation
- Third-Party Funds Foundation
- DORA requirements
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| Webinar authorisation procedure |
| The AFM hosted a webinar on June 25. The webinar discussed the AFM preparations for MiCAR and provided an in-depth look at the authorisation procedure, covering topics like the pre-scan and the licensing procedure. ESMA provided an update about what they are currently working on (finalizing RTS, convergence activities etc.). The webinar also included a Q&A session. |
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| ESMA publishes MiCAR Q&As |
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ESMA published seven Q&As on its website. The Q&A include the following topics:
- Treatment of staking services in MiCAR
- Grandfathering clause and applicable AML laws
- Simplified authorisation procedures
- Entities not authorised as CASPs by the end of the transition period.
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| Informal ESMA survey CASP-notification |
| ESMA has launched an informal survey to better understand the extent of interest among current licence holders in EU jurisdictions to notify their NCA to offer MiCAR services. This information helps prepare European supervision on the crypto sector. All current licence holders are invited to express whether or not they intend to launch such a notification procedure. This survey is not an official information request by either the AFM or ESMA. Participation is on a voluntary basis. A response to intend to notify does not constitute an obligation to do so. ESMA will collect and aggregate the responses and present them to NCAs. The deadline for submission is 5 August |
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| ESMA publishes final report on the second consultation package MiCAR |
| ESMA has published its final report on the second consultation package explaining how it has incorporated stakeholder feedback received from the public consultation. The draft technical standards will be submitted to the EC for adoption. The final report contains, amongst others, the draft ITS on standard forms and templates for the crypto-asset white paper and RTS on the data necessary for the classification of white papers. The application dates for this RTS and ITS are proposed to be deferred by 12 months following the date of the entry into force of the ITS and RTS. |
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| EBA publishes a statement on the application and priorities for the supervision of MiCAR ARTs and EMTs |
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| The European Banking Authority (EBA) published a statement for the attention of persons issuing, offering to the public, or seeking admission to trading of asset-referenced tokens (ARTs) and e-money tokens (EMTs) and for consumers. The EBA also set out key topics for supervisory attention across the European Union for issuers of ARTs/EMTs in 2024/2025. Both documents are intended to promote the timely and consistent application of MiCAR. |
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| ESAs publish consultation paper on Guidelines under MiCAR |
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| The three European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) published a consultation paper on Guidelines under Markets in Crypto-assets Regulation (MiCAR), establishing templates for explanations and legal opinions regarding the classification of crypto-assets along with a standardised test to foster a common approach to classification. The deadline for the submission of comments is 12 October 2024. |
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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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