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Netherlands: crypto & digital assets regulation

Regulated

Netherlands VASP licensing under MiCAR; AFM supervises CASPs with strict disclosure rules

Lead regulator:
Autoriteit Financiele Markten (AFM)
Key law:
Markets in Crypto-Assets Regulation (MiCAR)
Last updated:
2026-07-12

The Netherlands regulates crypto-asset service providers (CASPs) primarily under the European Markets in Crypto-Assets Regulation (MiCAR), with the Autoriteit Financiele Markten (AFM) serving as the national supervisor. The regulatory framework mandates strict adherence to transparency, consumer protection, and anti-money laundering standards for all licensed entities.

Recent supervisory focus has intensified on information disclosure, with the AFM identifying persistent deficiencies in how CASPs communicate advertising and cost information to retail investors. The regulator is actively enforcing compliance to ensure that marketing materials are clear, fair, and not misleading.

The AFM also monitors the behavioral aspects of crypto trading, warning against the use of nudging techniques in crypto apps that may encourage unsuitable trading behaviors. This reflects a broader trend of risk-oriented supervision aimed at protecting consumers in a rapidly evolving digital financial landscape.

Who regulates

  • Autoriteit Financiele Markten (AFM)

    Primary national supervisor for CASPs under MiCAR; oversees market conduct, consumer protection, and AML/CFT compliance.

    [1][2][3]

Core laws & rules

  • Markets in Crypto-Assets Regulation (MiCAR) (2023 (EU Regulation))

    The core EU regulation governing crypto-assets, establishing harmonized rules for CASPs, including licensing, transparency, and consumer protection requirements.

    [1][4]

  • Wet ter voorkoming van witwassen en financieren van terrorisme (Wwft) (2025 (Guidelines))

    Dutch AML/CFT law, with specific AFM guidelines issued in 2025 mandating robust compliance measures for CASPs.

    [3]

Licensing & registration

  • CASP License

    Required for entities providing crypto-asset services under MiCAR. The AFM supervises compliance with licensing conditions, particularly regarding information disclosure and AML/CFT.

    [1][2]

Restrictions & warnings

  • CASPs must provide clear, fair, and non-misleading advertising and cost information. The AFM has identified significant deficiencies in this area and is actively enforcing compliance.

    [1][5]

  • Crypto apps are scrutinized for using nudging and activation elements that may encourage frequent trading or investment in unsuitable products, posing risks to consumer protection.

    [4]

Direction of travel

  • The AFM continues to prioritize digital resilience, consumer protection, and compliance with new European regulations like MiCAR and DORA. Supervision remains risk-oriented and data-driven, with a focus on addressing persistent disclosure deficiencies and behavioral risks in the crypto sector.

    [2][6]

Sources

  1. AFM Supervision Report: Improvement Points for CASP Information Disclosure · 2026-04-16
  2. AFM Annual Report 2025 · 2026-04-13
  3. AFM Annex - Guidelines on the Wwft and Sanctions Act: Key Points for CASPs · 2025-05-02
  4. Risks in the Choice Environment of Crypto Apps · 2024-04-09
  5. Investigation into Advertising Statements and Cost Information Provision by CASPs · 2025-01-21
  6. Trend Sight 2026 · 2025-11-13

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This guide is compiled automatically from 6 primary-source documents published by Netherlands's regulators, reviewed by RegAlert, and refreshed monthly (last updated 2026-07-12). It is not legal advice — always confirm requirements with the regulator or local counsel before acting.