On 16 April 2026, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) issued a press release including a supervision report assessing how well crypto-asset service providers (CASPs) comply with information disclosure requirements under the Markets in Crypto-Assets Regulation (MiCAR). The AFM finds that many CASPs still fall short when it comes to providing correct, clear, and non-misleading information.
The AFM examined crypto advertisements and publicly available cost information from MiCAR licensed CASPs. The AFM found deficiencies in advertising practices and in cost disclosure at most CASPs. The AFM notes that both Dutch and international CASPs need to make significant improvements to meet MiCAR standards.
The main issues identified are:
- Misleading or unclear advertisements. For example, using terms like “safe trading” without explanation.
- Insufficient and unbalanced risk disclosures. Volatility and complex products require clear warnings, but these are often lacking or too generic.
- Cost information that is hard to find. This information is sometimes buried in general terms and conditions, FAQ pages, or only accessible through external search engines.
- Incomplete or unclear cost presentation. Common cost items such as deposit and withdrawal fees or ongoing costs are often not disclosed.
- Confusion about regulated vs. unregulated services. Services such as staking or lending are offered alongside MiCAR-regulated services without a clear distinction, leading consumers to assume the same level of protection applies.
To help the sector improve, the AFM has outlined five specific recommendations:
- Avoid misleading statements and ensure information is well-substantiated.
- Terms such as “safe”, “highly-trusted”, or “saving in crypto” can quickly be considered misleading.
- Claims of “commission-free” or “free” trading must clearly disclose any implicit costs such as spreads, and promotions must include realistic conditions.
- Comparisons between CASPs must be fair, balanced, and based on current, accurate data.
- Disclose risks in a balanced manner.
- Risk warnings must go beyond generic statements like “investing in crypto involves risks” and should clearly specify what the risk entails.
- These requirements apply to all forms of communications.
- Risk warnings should use a fond size at least equal to the rest of the advertisement to ensure they are noticed.
- Make cost information easy to find.
- Cost information must be prominently displayed on the website and accessible within one click from the homepage (or two clicks via a drop-down menu).
- FAQ pages, knowledge academies, support centers, and general terms and conditions are not considered prominent locations.
- Cost information should not be scattered across multiple pages without clear cross-reference.
- Be clear and transparent about costs
- CASPs should provide actual insight into the specific fees, costs, and charges they apply.
- Vague statements like “costs apply” or “all costs included in the price” are considered unclear and/or misleading.
- The AFM encourages the use of cost calculators or representative examples that break down individual cost components, including implicit costs.
- Clearly distinguish between regulated and unregulated services
- CASPs must take measures to clearly separate MiCAR-regulated services from unregulated ones.
The AFM is taking a proactive, risk-based supervisory approach. Dutch CASPs with deficiencies will receive a supervisory letter and must remedy their shortcomings. The AFM will inform relevant national supervisors about non-compliance by international CASPs. The AFM will mainly enforce when breaches persist or consumer risks are high. The press release and the full supervision report are available here.