News
30/12/24
From 30 December 2024, licence or notification required for crypto services
As of 30 December 2024, providers of crypto-asset services will require a licence or authorisation from the Dutch Authority for the Financial Markets (AFM) or another European regulator. For providers who currently have a registration with De Nederlandsche Bank (DNB), this requirement will apply as of 30 June 2025. We can take enforcement measures against parties without a licence or who have failed to submit a notification.In short
- MiCAR's goal is to increase investor protection
- Public register of the AFM and ESMA
- CASPs with DNB registration should submit applications quickly
MiCAR's goal is to increase investor protection
Since 29 June 2023, the European Markets in Crypto-Assets Regulation (MiCAR) has entered into force in successive phases. The part of MiCAR addressing the supervision of crypto services and market abuse has now also entered into effect. One of the goals of MiCAR is to increase investor protection. For example, crypto-asset service providers (CASPs) must conduct their business with integrity and control and provide correct information to investors. It is forbidden to use inside information for trading purposes or to manipulate the crypto market. 'Pump and Dump' is therefore prohibited. Even with the MiCAR now in force, we continue to view trading in cryptos as risky for consumers.Public register of the AFM and ESMA
In April 2024, we began processing licence applications and notifications. DNB is responsible for assessing the prudential requirements. Several licences and a notification have now been granted. These are currently visible in the AFM's public register and will soon be available in the European regulator ESMA's database.CASPs with DNB registration should submit applications quickly
CASPs that are currently registered by DNB can make use of a transition period of 6 months. This means that they must have a permit or authorisation by 30 June 2025. We call on these providers to submit their applications to us promptly. Experience has shown that even in the best-case scenario, an application takes at least 5 to 6 months to process in full. It is essential that applications comply with the applicable standards. We refer to the detailed explanations provided on the ESMA website and the guidance available on our website. If the application is of insufficient quality and/or a company has to make several amendments, the permit granting process will take longer.Contact
If you have any questions about the supervision of crypto products and services, please contact us at crypto@afm.nlYou can also subscribe to our MiCAR newsletter.
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