Contact and frequently asked questions

When a crypto-asset service provider (CASP) also provides PSD2 services, it must do so in accordance with PSD2 regulations. DNB is the primary supervisor of PSD2 and deals with PSD2 scope issues. Unless there is an exemption, a PSD2 license must be obtained from DNB.

An alternative option offered by Article 70 paragraph 4 MiCAR is to outsource the payment services to a third party that has a PSD2 authorisation. It requires a careful assessment of the services offered in order to be able to determine compliance with both the MiCAR regulation and any applicable payment service regulations.

Please also pay attention to recital 90 MiCAR: 'Some crypto-asset services, in particular providing custody and administration of crypto-assets on behalf of clients, the placing of crypto-assets, and transfer services for crypto-assets on behalf of clients, might overlap with payment services as defined in Directive (EU) 2015/2366.'

The applicable law for The Netherlands is based upon the Act implementing amendments to the Fourth Anti-Money Laundering Directive, which stipulates that crypto service providers (firms offering exchange of virtual currencies (crypto) for money and (vice versa)), and providers of custodian wallets for virtual currencies must request registration with De Nederlandsche Bank (DNB).

The Netherlands plans to limit the transitional period for those crypto-asset service providers (entities that are already registered by DNB) clause to 6 months. We support this. This entails that crypto-asset service providers that provided their services based on their DNB registration before 30 December 2024, may continue to do so until 30 June 2025. This follows from Article 143 paragraph 3 MiCAR: 'Crypto-asset service providers that provided their services in accordance with applicable law before 30 December 2024, may continue to do so until 1 July 2026 or until they are granted or refused an authorisation pursuant to Article 63, whichever is sooner.'

Please note that the transitional period does not apply for parties who do not have a DNB registration before 30 December 2024.

Therefore, the AFM and DNB advise enterprises that intend to provide crypto-asset services in the Netherlands to submit a license or notification request at the AFM, instead of applying for a registration at DNB. This approach is more efficient for all parties involved. If potential CASP’s submit a registration request at DNB after the middle of 2024, they risk having to pay costs with no guarantee of obtaining a registration in 2024 because of the lead time of the assessment. In that case the transitional period will also not apply.

There is no simplified procedure conform Article 143 MiCAR in The Netherlands. For entities that are already registered in The Netherlands at DNB, under certain circumstances we can decide that a lighter MiCAR-assessment on specific components or topics could be performed in case elements have previously been assessed by DNB. For this purpose, we will receive the relevant information from DNB to minimise the need to re-assess similar information by us for a MiCAR license. This can for example be the case for the fit and proper testing of persons in charge of day-to-day operations and members of the supervisory board of CASP’s.

Please note that it is important that the license applicant indicates clearly in the fit and proper forms if the requested information or relevant information was provided to DNB in the past in the context of the application for registration under the Dutch Money Laundering and Terrorist Financing Prevention Act. Wecan then verify with DNB whether the information in question is indeed provided and assessed, in order to minimize the need for the same information to be reassessed by us as much as possible.

The AFM is the first point of contact for all matters related to CASP licensing and notifications (see Article 2, first paragraph, Decree on the Implementation of EU Financial Markets Regulations (BuEU) and Article 60 MiCAR and Article 63 MiCAR) and we will liaise with DNB where necessary, case-by-case. You can email us at crypto@afm.nl.

For questions on prudential requirements (see Article 67, Article 83 and Article 84 MiCAR) such as the capital requirements and the assessment of qualifying holdings, please contact DNB at crypto@dnb.nl and put crypto@afm.nl in CC.