On 24 October 2023, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published an update on the implementation of the Markets in Crypto-Assets Regulation (Regulation (EU) 2023/114, MiCA). The AFM refers to the recent statement of the European Securities and Markets Authority (ESMA). In this statement, ESMA calls on the various European supervisors to align their supervisory practices with regard to MiCA to prevent regulatory arbitrage and to promote a level playing field. The AFM emphasises that clear supervision is important for the maturity and reliability of the crypto market and that the AFM is committed to strong supervision.
MiCA will enter into force as of December 2024. Until then, MiCA is still in the implementation phase and most of its rules do not apply yet. However, the AFM does call on market participants to prepare for a smooth transition. Crypto-asset services providers considering obtaining a license under MiCA can inform the AFM thereof via a dedicated e-mail address. The AFM will soon provide further information on the licensing procedure.
The AFM update is available here (Dutch only).