Explanation
Where DNB previously only registered firms for anti-money-laundering purposes, the AFM now also tests governance, disclosure and protection of client assets.
The AFM's role
The Netherlands Authority for the Financial Markets conducts conduct supervision of financial firms and, since MiCA, licenses crypto service providers. De Nederlandsche Bank additionally handles prudential requirements and anti-money-laundering supervision. Together they determine who may legally offer crypto services in the Netherlands.
Register and warnings
The AFM publishes a public register and a list of firms operating without authorisation. Ahead of MiCA the Netherlands had its own DNB registration regime; that was absorbed into the European framework, which meant several well-known names were reassessed.
What it means for Dutch investors
Dutch retail investors mainly notice supervision through identification duties, risk warnings in apps and data exchange with the tax authority. For box 3 the 1 January reference date remains decisive, whatever the price does for the rest of the year.
Key takeaways
- AFM for conduct, DNB for prudential supervision.
- Public register of licensed providers.
- Box 3 reference date: 1 January.
Frequently asked questions
+May I trade on a foreign exchange?
As a retail investor you often still can, but you lose European protection and your burden of proof with the tax authority becomes heavier.