Crypto-asset services can submit licence applications to the AFM from 22 April

MiCAR enters into force on 30 December 2024

The Markets in Crypto-Assets Regulation (MiCAR) enters into force on 30 December 2024. From that date, market participants holding a CASP licence or notification may provide crypto-asset services in the European market. Market participants already licensed for similar services or activities may submit an application for a CASP notification. In the Netherlands, the AFM has the leading role in supervising these services. Without a CASP licence, a person or institution may not offer crypto-asset services within the European Union.

Submitting a licence application as soon as possible from 22 April

MiCAR defines ‘crypto-assets’ as ‘a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology’. Without a CASP licence, a person or institution may not offer crypto-asset services within the European Union.

Transition period for certain CASPs

A transition period applies to CASPs already operating under the national regime before 30 December 2024. If they wish to continue providing crypto-asset services, they must have a MiCAR licence or notification as expected by 30 June 2025. Until then, they will be governed by the national regime. CASP licences or notifications may be applied for by email, according to the instructions provided on the AFM website.

A pre-scan option to prepare for the licence application

The AFM offers companies preparing a CASP licence application the opportunity to request a pre-scan procedure. This helps to make the licence application process more efficient while building up mutual knowledge of important subjects.

Contact

If you have any questions about our supervision of crypto products and services, please contact us at crypto@afm.nl.

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