On 12 June 2025, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) issued its latest newsletter outlining developments related to the Markets in Crypto-Assets Regulation (Regulation 2023/1114, MiCAR). A key focus of this update is the AFM’s supervisory strategy following the end of the transitional period.
After MiCAR entered into force at the end of 2024, crypto-asset service providers (CASPs) that were previously registered with the Dutch Central Bank (De Nederlandsche Bank, DNB) were granted a six month transitional period. This transitional period expires on 30 June 2025. From 1 July 2025, all CASPs will be required to hold a MiCAR licence in order to be allowed to market and offer their crypto-asset services in the Netherlands.
Many CASPs are still in the process of applying for a licence; either with the AFM or with a regulator in another EU Member State. While some Member States may allow for longer transitional periods or experience delays in processing applications, CASPs operating without a licence are formally in breach of the MiCAR licence requirement. Recognising the practical challenges faced by CASPs, the AFM has announced that it will adopt a risk-based supervisory approach during this transitional phase. CASPs that expect not to have a licence in place by the deadline are expected to:
- take appropriate and adequate mitigating measures to ensure that they obtain their licence as soon as possible;
- ensure compliance with MiCAR standards, as well as anti-money laundering and counter-terrorist financing requirements; and
- ensure the protection of investors.
As part of its supervision, the AFM will assess whether unlicensed CASPs are actively marketing their services and onboarding new clients. If it finds that CASPs are in breach of MiCAR, the AFM may take formal or informal enforcement action.