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The Dutch Authority for the Financial Markets (AFM) has announced that crypto-asset service providers will require a license starting December 30, 2024, as the European Union's Markets in Crypto-Assets Regulation (MiCAR) comes into effect. This announcement was made in a press release on December 30, 2024.
Providers currently registered with De Nederlandsche Bank (DNB) must obtain a license or submit a notification by June 30, 2025. The AFM has been processing license applications since April 2024, with several licenses already granted and listed in the AFM's public register. These will soon be available in the European Securities and Markets Authority's (ESMA) database. DNB-registered providers are encouraged to submit applications promptly due to the process taking approximately five to six months. Applications must meet required standards to avoid delays, according to an AFM press release.
According to the Autorité des Marchés Financiers (AMF), MiCA regulation mandates that crypto-asset service providers (CASPs) obtain authorization before offering services. They can achieve this by getting approval from national authorities or notifying them if they are already authorized under specific statutes. CASPs demonstrating prior compliance with national laws can continue operations until July 1, 2026, while awaiting MiCA authorization. The regulation imposes obligations on CASPs including incorporation requirements, governance standards, client asset protection measures, and complaints handling procedures. CASPs must also adhere to prudential standards and maintain business continuity plans while complying with anti-money laundering and cybersecurity regulations.
