On 30 September 2025, the Dutch Authority for Financial Markets (Autoriteit Financiële Markten, the AFM) issued a newsletter on the Markets in Crypto-Assets Regulation (MiCAR). In this newsletter, the AFM, among other things, provides an update on proprietary trading under MiCAR.

The AFM refers to the Q&As issued by the European Commission, which provided an answer to the question of whether firms engaging in proprietary trading in crypto-assets require a Crypto-Asset Service Provider (CASP) licence (available here). According to the AFM, the Commission’s answer suggests that some firms engaged in proprietary trading may fall within the scope of MiCAR, if a client relationship is present.

The AFM has been examining the practical application of the Commission’s Q&As, as well as the basis for such client relationships to arise. The AFM lists various circumstances where a client legitimately relies on the firm to protect his or her interests, such as initiation of the transaction, how the transaction is executed, and whether any commission is involved. The AFM is actively engaging in the discussion at the European level, to ensure supervisory convergence and a European level playing field. The AFM indicated that they are looking to provide clarity on this issue in the short term.

In addition, on 10 November 2025, the AFM will host an information session for CASPs and parties at an advanced stage of the authorization process who are expected to be authorised during the course of this year. During this session, the AFM will address what CASPs may expect from ongoing supervision and attendees can ask questions directly to its MiCAR supervision team. Interested parties can submit questions to the AFM in advance via crypto@afm.nl.