The Dutch Authority for the Financial Markets
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The Markets in Crypto-Assets Regulation (MiCAR) has come into effect on December 30, 2024. With this newsletter, the AFM wants to inform the sector about important news and developments regarding MiCAR supervision. Want to subscribe to the AFM MiCAR newsletter? |
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Transitional period comes to an end |
Crypto asset service providers with a DNB-registration (VASPs) are allowed to make use of the transitional period of 6 months in the Netherlands. On 30 June 2025, the transitional period in the Netherlands comes to an end. This means that registered VASPs need to have a MiCAR-license in order to continue offering crypto asset services in the Netherlands, including the marketing of such services. VASPs who foresee not obtaining a license in time must undertake appropriate and adequate mitigating measures to ensure that a license is obtained as soon as possible, that MiCAR standards are met (including AML and CFT) and that investors are protected. The AFM will take a risk-based approach. This includes checking whether unlicensed firms actively market their services and onboard new clients. Depending on the case, the AFM may take informal or formal enforcement action. |
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MiCAR scope for auto- and copytrading |
ESMA published a Q&A on autotrading and copytrading. Although autotrading and copytrading are not specifically defined in MiCAR, those services may fall in scope of crypto asset services that require a MiCAR-licence, such as portfolio management of crypto assets. Providers of copy- and autotrading services should assess on a case by case basis whether their services are in scope of MiCAR. |
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Reporting obligations for CASPs |
The AFM has updated its website with further guidance on reporting obligations for CASPs. CASPs with a license or notification from the AFM should take the following reporting obligations into account:
- Reporting of suspicious transactions and/or orders (STOR)
- Reporting obligation under the Sanctions Act 1977 and/or European regulations regarding sanctions
- Reporting obligation under TFR
- Reporting of ICT incidents (DORA)
- Obligation to report material changes
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Annex to the guideline Wwft and Sanctions Act 1977 for CASPs |
CASPs are required to comply with the Dutch Anti-Money Laundering and Anti-Terrorist Financing Act (Wwft) and the Sanction Act 1977. In addition, CASPs must comply with the Transfer of Funds Regulation (TFR). The AFM has drafted an Annex for CASPs, complementary to the Guideline Wwft and Sanctions Act 1977 (Guideline). This Annex contains sector specific focus points for CASPs. |
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Wwft and Sanctions Act 1977 Questionnaire |
The AFM monitors CASPs’ compliance with the Wwft and Sanctions Act 1977 using a risk-based approach. To support this, the AFM will gather data via the Wwft and Sanctions Act 1977 Questionnaire, which assesses money laundering and terrorist financing risks in the crypto sector.
The digital Questionnaire will open the week of August 4, 2025. Due to the holiday period, institutions will have six weeks to complete it. Two weeks prior, they will receive further instructions to prepare accordingly.
VASPs who will obtain a CASP license after August 4, 2025 are required to fill the questionnaire later in 2025 when they have obtained a license. They will be notified when it becomes available to them. |
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ESMA has published a new Q&A addressing the applicability of MiCAR to registered Alternative Investment Fund Managers (AIFMs), as well as whether firms dealing on own account with regard to crypto-assets require a CASP license. Furthermore, a question regarding whether MiCAR permits CASPs to earn interest on client funds held in a savings account at a credit institution has been submitted to the European Commission for clarification. |
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ESMA issues guidelines on market abuse |
The following guidelines, previously published by ESMA, have come into effect:
- Maintenance of systems and security access protocols (April 27th)
- Reverse solicitation (April 27th)
- Transfer services for crypto-assets (April 27th)
- Explanations and opinions, and the standardised test for crypto-assets (May 12th)
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EBA publishes No Action letter PSD2/3 and MiCAR |
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EBA published a No Action letter advising the EU Commission, EU Council and EU Parliament to ensure that, in the long term, EU law needs to avoid a dual authorisation under two pieces of EU law for the activity of transacting electronic money tokens (EMTs). While the existing Payment Services Directive 2 (PSD2) still applies, the letter advises national competent authorities (NCAs) to enforce authorisation of PSD2 for a specified subset only of CASPs that transact EMTs, to do so only after a transition period that ends on 2 March 2026, and then to deprioritise specified PSD2 provisions. |
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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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