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 for the designation of supervisors. As expected, the Dutch Central Bank (De Nederlandsche Bank, DNB) will be the supervisor for issuers of e-money tokens and asset-referenced tokens. The Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) will be appointed as the supervisor with regard to Crypto-Asset Service Providers (CASPs) and the issuers of other tokens.
MiCAR allows for a transitional period for CASPs that offer their services in accordance with applicable law before 30 December 2024. These CASPs may continue to do so during the transitional period or until they are granted authorisation. The Implementation Decree specifies that in the Netherlands, this transitional period will be six months (ending 30 June 2025) for CASPs that are duly registered with DNB by the end of 2024. Importantly, this means that there will not be a transitional period for entities providing crypto-asset services that currently do not need a licence or registration (i.e., they will need to obtain a MiCAR licence ultimately by 30 December 2024 insofar as their services are captured within MiCAR’s scope). Notably, Dutch law will not facilitate a simplified licence application procedure for such CASPs.
For both MiCAR and the TFR, the Implementation Decree provides for the possibility for DNB and the AFM to impose enforcement measures, such as fines and orders subject to penalty, in cases of non-compliance.