Rules
MiCA in the Netherlands: AFM and DNB explained
MiCA is a European regulation, but day-to-day supervision sits with national authorities. In the Netherlands this is split between the Authority for the Financial Markets (AFM) and De Nederlandsche Bank (DNB). This guide explains who is responsible for what, how the transitional regime for existing providers works, and how you can check whether a firm holds a valid licence.
Division of tasks between AFM and DNB
The AFM is the main licensing authority for crypto-asset service providers (CASPs) under MiCA and supervises conduct: disclosure, duty of care, complaints handling and market abuse. DNB focuses on the prudential side, such as capital and organisational requirements, and plays a role in assessing issuers of stablecoins (asset-referenced tokens and e-money tokens).
For users, that distinction matters mainly for complaints: for misleading information or unfair practices, the AFM is the point of contact; for the financial soundness of a stablecoin issuer, DNB has more of a role. In practice the two authorities cooperate and exchange information.
- AFM: licensing and conduct supervision of crypto service providers
- DNB: prudential supervision and a role for stablecoin issuers
- Cooperation and information exchange between both authorities
The transitional regime for existing providers
Firms that were already registered under the Dutch crypto registration regime before MiCA entered into force could rely on a transitional regime to adapt their operations to the new requirements without immediately halting activities. This transitional period is limited in length and differs between member states, since each supervisor could set its own end date within the margin allowed by the regulation.
For users this means that an active provider does not necessarily already hold a full MiCA licence: it may still be in the transitional phase. If in doubt, it is wise to ask about the exact status and verify it in the public register rather than relying on marketing claims.
- The transitional regime applied to firms with an existing national registration
- The transition period is limited and set per member state
- Being 'active' is not the same as being 'fully MiCA-licensed'
How to verify a licence
The AFM keeps a public register of licensed crypto-asset service providers in the Netherlands. In addition, the European supervisor ESMA publishes a consolidated overview of all licensed firms across the Union, including the licensing country. Always compare the exact legal name and registration number against what a platform states on its website, since impersonation is a known fraud tactic.
Also note the distinction between a crypto licence and other licences, such as those for investment firms. A firm may be licensed in one area and not another, which limits the scope of supervision.
What remains unregulated
A Dutch licence says nothing about the quality or success chances of a specific project, and offers no protection against price loss. There is no deposit guarantee scheme for crypto as there is for bank accounts. Licensing and supervision mainly reduce the risk of mismanagement and unfair practices at the provider itself.
Frequently asked questions
Who do I complain to about a Dutch crypto provider?
For complaints about information, conduct or fees, the AFM is the point of contact. For the soundness of a stablecoin issuer, DNB plays a role. Always raise a complaint with the provider first.
Is a provider without a licence automatically illegal?
Not necessarily: some existing providers still fall under the temporary transitional regime. Check the public register to be sure.
Does a Dutch licence also apply in Belgium?
Yes, through the European passporting mechanism a firm licensed in the Netherlands can also operate in other member states without a new national licence.
What if a platform claims to be licensed but isn't in the register?
Do not assume the claim is true. Rely only on the official AFM register or the European overview, and report doubtful cases to the supervisor.
Read next
What is MiCA?
MiCA governs licensing, stablecoins and disclosure for crypto across the EU. What changes for users, providers and banks.
MiCA in Belgium: FSMA and the National Bank
How Belgium implements MiCA: the roles of the FSMA and the National Bank, plus Belgium's extra rules on crypto advertising.
Consumer rights at an EU-licensed crypto provider
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