MiCAR requirements for advertising and the provision of information

CASPs must comply with MiCAR requirements

In 2023 and 2024, we conducted exploratory studies into the advertisements of CASPs and into the provision of information about costs on the websites. The studies were conducted before MiCAR came into effect and CASPs did not yet have to comply. 

We believe it is important that the provision of information, including advertising, is in the interest of the customer. In doing so, it contributes to well-informed decisions. In our investigations, we have come across several examples that can qualify as breaches under MiCAR. We would like to point out the importance of the norms governing the provision of information to both CASPs with a licence and CASPs pending authorisation. Now that MiCAR is fully in force, the AFM supervises the provision of information and the way in which CASPs shape their internal policy in this regard. 

Correct, clear and non-misleading information is necessary

MiCAR requires, among other things, that CASPs provide 'correct, clear and non-misleading information'. This applies, for example, to information about historical returns, staking rewards and promotional campaigns. Advertisements must be recognizable as such. It is also necessary for CASPs to warn their (potential) customers about the risks associated with transactions in crypto-assets. Furthermore, policies on pricing, costs and fees must have a prominent place on the website.

In our studies, we observed examples of good practices but also examples where there is still 'work to be done' by the CASPs. For example, we saw that there are sometimes mentions of safe trading in crypto, without further explanation or context. When providing correct, clear and non-misleading information, it is important that risks are not trivialised, especially given the volatility of crypto-assets. We have also come across cases where there was no or insufficient information on the website about the rates and costs. 

For more detailed findings and practical guidance, see the report 'Research into advertising and information provision about costs by CASPs’.

Thorough supervision for consumer protection

We expect CASPs to ensure that their provision of information, including advertisements, complies with MiCAR standards. Trading cryptos comes with significant risks for consumers. The AFM will thoroughly supervise compliance with these standards, inter alia to protect consumers. 
 

Contact

Do you have questions about the supervision of crypto products and services? Please contact us via crypto@afm.nl.
 

More information

Study into advertisements and information disclosure on costs by CASPs (pdf, 250 kB)
Site for crypto companies
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