Supervision
The supervision of compliance with MiCAR is divided between the AFM and DNB. For example, DNB has the leading role in supervising the issuance of stablecoins, such as asset-referenced tokens (ARTs) and electronic money tokens (EMTs).
The AFM has the leading role in supervising crypto-asset service providers (CASPs) and other crypto assets and in supervision aimed at preventing market abuse. DNB is responsible for the prudential supervision of CASPs, including assessing proposed qualifying holdings (Articles 67, 83 and 84 MiCAR).
Explanatory notes for visual
CASP licensing preparation
Best practices for submitting a licence application.Applicant
• Determines which MiCAR rules apply to its organisation (scoping).
• Acquires knowledge related to the MiCAR rules.
• Obtains advice in preparation for the MiCAR application (if necessary).
• Contacts the AFM in good time at crypto@afm.nl.
• Submits a comprehensive licence application with a clear list of the included documents.
• Is prepared to answer questions from the AFM (and DNB) promptly.
• Applies for a pre-scan procedure before submission (optional).
The AFM and the applicant will communicate with each other on an ad hoc basis during the procedure and supervisory interviews will be arranged if necessary.