Crypto companies

The AFM is the supervisor responsible for handling license applications from crypto-asset service providers (CASPs, see Article 63 MiCAR) and notifications from other financial institutions (see Article 60 MiCAR). 

Definition of crypto assets

MiCAR defines ‘crypto-assets’ as “a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology”. A ‘crypto-asset service’ means any of the following services and activities relating to any crypto-asset:

(a) providing custody and administration of crypto-assets on behalf of clients;
(b) operation of a trading platform for crypto-assets;
(c) exchange of crypto-assets for funds;
(d) exchange of crypto-assets for other crypto-assets;
(e) execution of orders for crypto-assets on behalf of clients;
(f) placing of crypto-assets;
(g) reception and transmission of orders for crypto-assets on behalf of clients;
(h) providing advice on crypto-assets;
(i) providing portfolio management on crypto-assets;
(j) providing transfer services for crypto-assets on behalf of clients.

A person shall not provide crypto-asset services, within the European Union, unless that person is:

(a) a legal person or other undertaking that has been authorised as crypto-asset service provider in accordance with Article 63 MiCAR; or
(b) a credit institution, central securities depository, investment firm, market operator, electronic money institution, UCITS management company, or an alternative investment fund manager that is allowed to provide crypto-asset services pursuant to Article 60 MiCAR.