Regulatory AlertsNetherlands: crypto & digital assets regulation
RegulatedMiCAR regime: AFM supervises CASPs; DNB handles AML registration
- Lead regulator
- Autoriteit Financiele Markten (AFM)
- Also involved
- DNB (AML/CFT registration) · NDMA (data protection)
- Core law
- Markets in Crypto-Assets Regulation (MiCAR)
- Entry capital
- EUR 350,000 (CASPs)
- Approval timeline
- 4-6 months for MiCAR authorization
- Customer assets
- Segregated from firm assets; no commingling
- Data protection
- GDPR · Dutch Data Protection Authority (AP)
- Sandbox
- No
The Netherlands has fully implemented the EU MiCAR regulation, establishing a comprehensive licensing framework for Crypto-Asset Service Providers (CASPs). The AFM acts as the primary supervisor for market conduct, transparency, and authorization, while the De Nederlandsche Bank (DNB) handles AML/CFT registration. The regulatory stance is strict, with recent supervision reports highlighting significant deficiencies in advertising and cost disclosure by market participants.
Which licence do you need?
| Your activity | Requirement | Capital | Timeline | Authority |
|---|---|---|---|---|
| Exchange / trading platform | LicenceCASP Authorization[1][2] Requires MiCAR authorization; strict advertising rules enforced. | EUR 350,000 | 4-6 months | AFM |
| Custody of client assets | LicenceCASP Authorization[1] Custody of private keys requires specific MiCAR authorization. | EUR 350,000 | 4-6 months | AFM |
| Token issuance / public offering | LicenceCASP Authorization / Prospectus[2] Issuers of asset-referenced tokens face stricter capital rules. | EUR 350,000 | 4-6 months | AFM |
| Broker-dealer / OTC desk | LicenceCASP Authorization[1] OTC trading desks fall under CASP scope if acting as service providers. | EUR 350,000 | 4-6 months | AFM |
| Stablecoin issuance | LicenceART/EMT Authorization[2] Asset-Referenced Tokens (ARTs) require ECB/AFM approval. | Varies (higher for ART) | 6-12 months | AFM |
| Crypto payments acceptance | LicenceCASP Authorization[1] Crypto-to-fiat or crypto-to-crypto exchange services. | EUR 350,000 | 4-6 months | AFM |
| Mining / staking services | Uncertainverify with regulator MiCAR scope unclear for pure mining; staking may be advisory. | — | — | — |
| Advisory / portfolio management | LicenceCASP Authorization[1] Providing advice on crypto-assets requires CASP license. | EUR 350,000 | 4-6 months | AFM |
New — what changed recently
- 2026-04-16AFM Supervision Report on CASP Disclosure — AFM identified persistent deficiencies in advertising and cost disclosure by CASPs under MiCAR.[1]
- 2025-05-02AFM Annex on Wwft and Sanctions Act — Specific AML/CFT guidelines for CASPs became effective, mandating robust compliance.[3]
- 2024-04-09AFM Warning on Crypto App Nudging — Regulator warned that crypto apps use nudging elements unsuitable for user best interests.[4]
Market-entry checklist
- 1Secure MiCAR Authorization from AFMApply for CASP authorization with EUR 350,000 initial capital and robust governance.
- 2Register with DNB for AML ComplianceComplete registration with De Nederlandsche Bank for anti-money laundering supervision.
- 3Implement MiCAR-Compliant DisclosureEnsure all advertising and cost information is clear, fair, and non-misleading.
- 4Establish Segregated Custody ArrangementsSet up legal and operational frameworks to strictly segregate client assets.