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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Shortcomings in advertising and cost information for crypto parties |
CASPs have taken steps to improve their advertising and cost information, but incorrect, unclear or misleading information is still too common. Shortcomings have been found in both Dutch and international companies that actively serve the Dutch market. The AFM is concerned about this: anyone who continues to violate the standards for the provision of information should expect enforcement action. |
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Instructions Cross-Border Notification |
The AFM has established that there is still room for improvement with regard to the submission of notifications for the provision of cross-border services. CASPs that intend to provide cross-border services are required to submit the information listed in Article 65(1) of MiCAR by fully completing the MiCAR template for cross-border notifications and sending it to casp.notifications.micar@afm.nl. When completing the template, all steps included in the “Instructions” tab must be followed correctly and in full. If the relevant instructions are not fully complied with, the notification cannot be processed. In addition, particular attention must be paid to the information provided in the columns concerning the services to be offered and the dates on which such services are to commence. |
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Wwft, Sanctions Act 1977 and TFR Questionnaire |
The AFM monitors CASPs’ compliance with the Wwft, Sanctions Act 1977 and TFR using a risk-based approach. To support this, the AFM will gather data via the Questionnaire, which assesses money laundering, terrorist financing and sanctions risks in the crypto sector. The digital questionnaire will open the week of 4 May, 2026. Two weeks prior, CASPs will receive further instructions to prepare accordingly. |
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ESMA published a new set of Q&As, including clarification that Article 75(6) requires CASPs to be able to promptly return the same type of crypto‑assets they hold for clients. CASPs should not custody crypto‑assets they cannot foreseeably return, and they may not require clients to withdraw their assets in fiat or in different crypto‑assets.
ESMA also clarified that MiCAR does not permit CASPs to earn interest on client funds deposited in a savings account at a credit institution. Any interest earned through a CASP’s compliance with Article 70(3) MiCAR must be passed on to the client, as it originates from the client’s funds.
The AFM expects CASPs to take note of and follow ESMA’s Q&As, making any necessary adjustments where required.. |
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ESMA Guidelines on Knowledge & Competence |
On 11 July 2025 ESMA has published its Guidelines on the criteria for the assessment of knowledge and competence under MiCAR. These Guidelines set EU wide standards for the staff of CASPs who are in scope.
Providing information is defined broadly and includes activities such as explaining how a product works, describing risks or fees, or answering client questions relating to transactions, custody, or technical features. Advice means giving a client personalised recommendations about crypto‑asset transactions or services.
• ESMA expects CASPs to ensure that in scope staff meet minimum knowledge and competence criteria adapted to cryptoasset risks.
• As no central certification body exists, CASPs must establish and document their own internal processes to assess and ensure staff competence.
• CASPs must maintain internal governance, record keeping, and periodic reviews to demonstrate compliance.
The AFM will apply these Guidelines in its supervisory practice and encourages CASPs to strengthen relevant internal frameworks ahead of the application date of 28 July 2026. |
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Costs ongoing supervision |
CASPs authorised by the AFM have received a request via the AFM Portal to provide revenue data for 2025 for the period during which they were active as a CASP. Based on this information, the variable costs for ongoing supervision will be determined. In addition, a fixed base fee applies for holding a licence or notification, as well as a fee per MiCAR service performed. In the third quarter of this year, CASPs will receive invoices for the ongoing supervision costs.
The AFM intends to carry out sample checks to verify whether the required data has been compiled correctly.
For questions regarding the costs for ongoing supervision, please contact crypto@afm.nl.
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EBA Transition Period PSD2 |
EBA published an Opinion advising national competent authorities (NCAs) under the Revised Payment Services Directive (PSD2) on how to proceed now that the transition period set out in the EBA’s No-Action Letter of 10 June 2025 has come to an end on 2 March 2026. The transition period allows CASPs nine months to continue transacting electronic money tokens that qualify as payment services while submitting, and awaiting the response to, their application for authorisation under PSD2.
The Opinion outlines the conditions under which NCAs are advised to allow CASPs to continue providing electronic money token (EMT)s that qualify as a payment service after 2 March 2026, while they do not (yet) hold a license under the PSD2. |
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Please be informed that DNB has recently updated its website, as following the EBA’s published No Action letter, CASPs that are in scope may also require an additional license as a payment service provider (PSD2) if they intend to provide services in relation to electronic money tokens (EMTs).
CASPs or advisors who have questions on this can contact DNB directly on this matter by mailing to markttoegang@dnb.nl. |
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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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