Crypto Providers: Get Licensed Now! Dutch Supervisor Opens Applications

Crypto-assets services and activitiesMiCAREU Rules and Regulations

May 7

The Markets in Crypto-Assets Regulation (MiCAR) came into force on June 29, 2023; however, the majority of the rules will be effective on December 30, 2024. The Dutch Supervisor for the Financial Markets (AFM) serves as the primary supervisor for Crypto-Assets Service Providers (CASPs) in the Netherlands.

On 22 April 2024, the Dutch Supervisor for the Financial Markets (AFM) informed the market about the license application process. CASPs within the scope of MiCAR can apply for a license or notify the Dutch supervisor (if the conditions apply) to operate in the Dutch and EU markets starting from 22 April 2024. If the license or notification is approved, it can be used from 30 December 2024 onwards. Subsequently, entities with a CASP license can provide crypto asset services in the Dutch and EU Market.

A transition period applies to CASPs already active under the Dutch Anti-Money Laundering Act (Wwft). They are expected, according to the AFM, to comply by June 2025. This transition period does not apply to newcomers.

To prepare the market for the upcoming changes under MiCAR and smooth out the process, a pre-scan procedure can be requested by the AFM.

Visit the AFM-website for more information.

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