The Netherlands

Topic: Crypto assets

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EBA consults on draft guidelines on redemption plans under Articles 47 and 55 of MiCAR

On 8 March 2024, the European Banking Authority (EBA) issued a consultation on draft guidelines on redemption plans under Articles 47 and 55 of the Markets in Crypto-Assets Regulation (MiCAR). By way of background, under MiCAR, a redemption plan must be developed by each issuer of an asset-referenced token (ART) or of an e-money token … Continue Reading

2024 FinTech Outlook

In our 2024 FinTech Outlook, our lawyers from across Europe, the Middle East, Asia and the US share their insights on what to expect across the regulatory landscape in relation to FinTech and cryptoassets in 2024.… Continue Reading

MiCA licence and notification

On 15 February 2024, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) has confirmed that market participants will be able to submit an application for a CASP licence or notification to the AFM as of 22 April 2024. If approved, the licences or notifications will take effect from 30 December 2024. … Continue Reading

Draft Decree implementing MiCAR and TFR published for consultation

On 22 January 2024, a draft Decree implementing the Markets in Crypto-Assets Regulation (Regulation (EU) 2023/1114, MiCAR) and the Transfer of Funds Regulation (Regulation (EU) 2023/1113, TFR) was published for consultation (the Implementation Decree). Market parties are invited to respond to the draft Implementation Decree by 19 February 2024. Regarding MiCAR, the Implementation Decree provides … Continue Reading

AFM publishes supervisory agenda for 2024

On 15 January 2024, the Dutch Authority for Financial Markets (Autoriteit Financiële Markten, the AFM) published its supervisory agenda for 2024 (the AFM Agenda 2024). The AFM Agenda 2024 outlines the financial sector’s trends and risks while detailing the AFM’s priorities and other important events for this year. The AFM Agenda 2024 builds on the AFM’s Trend Monitor 2024, … Continue Reading

Basel Committee consults on targeted adjustments to tighten its standard on banks’ exposures to cryptoassets

On 14 December 2023, the Basel Committee on Banking Supervision (Basel Committee) issued a consultative document setting out proposed amendments to its standard on banks’ exposures to cryptoassets. In December 2022, the Basel Committee published its standard on the prudential treatment of banks’ exposures to cryptoassets. The standard is set out in a new chapter … Continue Reading

EBA consults on draft RTS specifying the requirements for policies and procedures on conflicts of interest for issuers of ARTs under MiCAR

On 7 December 2023, the European Banking Authority (EBA) issued a consultation paper containing draft regulatory technical standards in accordance with Article 32(5) of the Markets in Crypto-Assets Regulation (MiCAR) which mandates the Authority to specify the requirements for the conflicts of interest policies and procedures for issuers of asset-referenced tokens (ARTs) as well as … Continue Reading

FSB assesses risks of multi-function crypto-asset intermediaries

On 28 November 2023, the Financial Stability Board (FSB) published a report on the financial stability implications of multifunction crypto-asset intermediaries (MCIs). The report defines MCIs as individual firms, or groups of affiliated firms, that combine a broad range of crypto-asset services, products and functions typically centred around the operation of a trading platform. The … Continue Reading

EBA issues guidance to AML/CFT supervisors of CASPs

On 27 November 2023, the European Banking Authority (EBA) published a final report containing updated guidelines on risk-based supervision. The guidelines have been amended so that they extend to anti-money laundering and countering the financing of terrorism (AML/CFT) supervisors of crypto-asset service providers (CASPs) as defined in the Regulation on markets in crypto-assets (MiCA). Article … Continue Reading

EBA consults on new guidelines on preventing the abuse of funds and certain crypto-asset transfers for money laundering and terrorist financing purposes

On 24 November 2023, the European Banking Authority (EBA) issued a public consultation on new guidelines on preventing the abuse of funds and certain crypto-asset transfers for money laundering and terrorist financing purposes. Regulation (EU) 2023/1113 on information accompanying transfers of funds and certain crypto-assets recasts Regulation (EU) 2015/847 and extends its scope to the … Continue Reading

ESMA speech – Innovation with protection: the next steps on the MiCA journey

On 16 November 2023, the European Securities and Markets Authority (ESMA) published a speech by its chair, Verena Ross, entitled Innovation with protection: the next steps on the MiCA journey. In the speech Verena Ross covers some of the key features of ESMA’s October consultation paper on the second package of level 2 measures for … Continue Reading

Collective engagement to implement the Crypto-Asset Reporting Framework

On 10 November 2023, the following countries issued a joint statement regarding efforts to implement a tax reporting framework for crypto assets: Armenia, Australia, Austria, Barbados, Belgium, Belize, Brazil, Bulgaria, Canada, Chile, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Japan, Korea, Liechtenstein, Lithuania, Luxembourg, Malta, Mexico, Netherlands, Norway, … Continue Reading

Dutch Banking Association releases new sector standard for CDD applied by banks engaging with crypto service providers

Crypto service providers (cryptodienstverleners) currently registered with the Dutch Central Bank (De Nederlandsche Bank, DNB) will soon have increased clarity regarding the customer due diligence required for their banking transactions. This clarity is being provided through the new sector standard established by the Dutch Banking Association (Nederlandse Vereniging van Banken, NVB) for risk-based customer due … Continue Reading

ECB speech – Regulating crypto finance: taking stock and looking ahead

On 14 November 2023, the European Central Bank published a speech by Andrea Enria (Chair of ECB Supervisory Board) entitled ‘Regulating crypto finance: taking stock and looking ahead’. In his speech Mr Enria: Among other things Mr Enria notes that as things currently stand, the ECB considers it very difficult to include in the scope … Continue Reading

EBA consults on draft RTS on liquidity requirements and on draft guidelines on liquidity stress testing of relevant issuers of tokens under MiCA

On 8 November 2023, the European Banking Authority (EBA) published three consultations on draft regulatory technical standards (RTS) to specify the liquidity requirements of the reserve of assets, the highly liquid financial instruments in the reserve of assets and the minimum content of the liquidity management policy and procedures of relevant issuers of tokens. The … Continue Reading

EBA consults on draft RTS on own funds requirements and stress testing issuers under MiCA

On 8 November 2023, the European Banking Authority (EBA) published two consultation papers on draft regulatory technical standards (RTS) on own funds requirements and stress testing issuers under Article 45(7)(c) of the Markets in Crypto-assets Regulation (MiCA). The draft RTS on the adjustment of own funds requirements and design of stress testing programmes for issuers … Continue Reading

EBA consults on the reporting of transactions with asset-referenced tokens and e-money tokens denominated in a non-EU currency under MiCA

On 8 November 2023, the European Banking Authority (EBA) published a consultation paper on draft regulatory technical standards (RTS) specifying the methodology to be applied by issuers of asset-referenced tokens (ARTs) and of e-money tokens (EMTs) denominated in a non-EU currency for reporting transactions associated to uses of these tokens ‘as a means of exchange’. … Continue Reading

EBA consults on draft RTS on supervisory colleges under Article 119(8) of MiCA

On 8 November 2023, the European Banking Authority (EBA) published a consultation paper on draft regulatory technical standards (RTS) on supervisory colleges under Article 119(8) of the Markets in Crypto-assets Regulation (MiCA). The proposals set out in the draft RTS specify: (i) the criteria to be used for determining “the most relevant” custodians of the … Continue Reading

EBA consults on draft guidelines on recovery plans under Articles 46 and 55 of MiCA

On 8 November 2023, the European Banking Authority (EBA) published a consultation paper on draft guidelines on recovery plans under Articles 46 and 55 of the Markets in Crypto-assets Regulation (MiCA). Through recovery planning, issuers of asset-referenced tokens (ARTs) and e-money tokens (EMTs) should prepare in advance to face adverse scenarios that may impact their … Continue Reading

AFM update on MiCA implementation

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 … Continue Reading

EBA consults on draft RTS under MiCA

On 20 October 2023, the European Banking Authority (EBA) published for consultation two draft regulatory technical standards (RTS) that it is mandated to develop under the Regulation on markets in crypto-assets (MiCA): Draft RTS the minimum content of the governance arrangements on the remuneration policy By way of background, MiCA requires issuers of significant ARTs … Continue Reading

EBA and ESMA consult on MiCA suitability assessment guidelines

On 20 October 2023, the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) issued for consultation their draft joint guidelines on suitability assessment of members of management body of issuers of asset-referenced tokens (ARTs) and of crypto-asset service providers (CASPs), and of shareholders and members with qualifying holdings in issuers of … Continue Reading

EBA consults on draft guidelines on internal governance arrangement for issuers of ARTs under MiCA

On 20 October 2023, the European Banking Authority (EBA) issued for consultation draft guidelines on internal governance of issuers of asset-referenced tokens (ARTs) under the Regulation on Markets in Crypto-Assets (MiCA). By way of background, MiCA sets out governance requirements for issuers of ARTs and, in particular, stresses that the management body is responsible to … Continue Reading

Basel Committee consults on the disclosure of crypto-asset exposures

On 17 October 2023, the Basel Committee on Banking Supervision (Basel Committee) published a consultation document on the disclosure of crypto-asset exposures. The consultation document follows the Basel Committee’s paper on the prudential treatment of cryptoasset exposures which was published in December 2022 and set out the prudential requirements for banks’ exposures to cryptoassets. In … Continue Reading
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