MiCAR in the Netherlands: AFM Licensing, CASP Requirements, and the Early Transition

The Netherlands was one of the first EU member states to end the MiCAR transitional period early — on 30 June 2025, nine months ahead of the EU-wide deadline of 1 July 2026. Since that date, any firm providing crypto-asset services in the Netherlands without a MiCA authorisation or a valid transitional authorisation has been operating unlawfully. On 9 April 2026, ClearBank Europe became the first Dutch credit institution to complete the MiCA CASP notification process, marking a visible acceleration in the Netherlands' MiCA licensing landscape.

This guide covers how MiCA CASP authorisation and notification work in the Netherlands, what the AFM requires, how the Dutch framework differs from MiCA's default EU-wide rules, and what crypto firms must do to operate legally in the Dutch market.

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Why the Netherlands Ended the Transitional Period Early

MiCA Article 143(3) permits member states to exercise an opt-out: where a national crypto-asset regulatory framework in place before 30 December 2024 was less strict than MiCA, the member state may reduce or eliminate the transitional period for firms relying on that national regime.

The Netherlands notified the European Commission and ESMA before 30 June 2024 that it was exercising this option and reducing the transitional period to 30 June 2025. The basis: the pre-MiCA Dutch VASP registration regime under the Wet ter voorkoming van witwassen en financieren van terrorisme (Wwft) — the AML/CFT statute — was materially less demanding than MiCA. The Wwft required registration with De Nederlandsche Bank (DNB) for AML/CFT purposes only; it imposed no prudential capital requirements, no governance or organisational standards, and no consumer protection obligations. The AFM and DNB concluded that firms relying on Wwft registration alone lacked the substantive authorisation that MiCA assumes when granting the transitional benefit.

The practical effect: crypto-asset service providers that operated under Wwft registration in the Netherlands had to apply for a MiCA authorisation by 30 June 2025, or cease offering services. Firms that held a pre-existing EU financial services licence — investment firms, credit institutions, e-money institutions — had a different route available, discussed below.

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The AFM as MiCA NCA: Role and Jurisdiction

The Autoriteit Financiële Markten (AFM) is the Netherlands' competent authority (NCA) for MiCA CASP authorisations and notifications. The AFM:

• Receives and assesses authorisation applications under MiCA Article 63
• Receives and processes notifications from existing credit institutions, investment firms, and e-money institutions under MiCA Article 60
• Maintains the Dutch CASP register (published at afm.nl)
• Coordinates with ESMA on the EU-wide MiCA CASP register
• Is the home-state supervisor for Dutch-authorised CASPs passporting into other EU member states

De Nederlandsche Bank (DNB) retains its AML/CFT supervisory role for the crypto sector under the Wwft and coordinates with the AFM on prudential aspects where applicable.

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Two Routes to MiCA Authorisation in the Netherlands

Route 1: Article 63 — Full CASP Authorisation

The standard route for entities that do not already hold a qualifying EU financial services licence. Under Article 63 MiCA, the applicant must submit a comprehensive dossier to the AFM including:

• Programme of operations — types of crypto-asset services to be provided, target markets, marketing strategy
• Business continuity plan — how the firm will ensure operational resilience
• Internal controls description — AML/CFT procedures, governance structure, conflict of interest policy
• Safeguarding arrangements — how client assets will be segregated and protected
• IT systems security policy — cybersecurity measures, incident response
• Management body details — identity, qualifications, and fit-and-proper assessment for all directors and senior managers
• Shareholders and ownership structure — information on qualifying holders (>10% voting rights or capital)

The AFM has 20 working days from receipt of a complete application to confirm completeness, followed by 40 working days to issue its decision. For complex applications, the 40-day period may be extended once by up to 20 working days.

Route 2: Article 60 — Notification for Existing Regulated Entities

Credit institutions, investment firms, e-money institutions, UCITS management companies, AIFMs, and certain other EU-regulated entities may provide crypto-asset services via a simplified notification procedure under Article 60 MiCA, rather than a full authorisation application.

The notification includes:

• The MiCA Article 60(7) information package: programme of operations, business continuity plan, internal controls description, safeguarding arrangements, IT security policy, management body details
• Evidence of the entity's existing regulatory status and authorisation

The AFM processes Article 60 notifications within a similar timeframe. The key difference: Article 60 entities benefit from their existing supervisory relationship and established compliance infrastructure, which the AFM can take into account.

ClearBank Europe used the Article 60 notification route and received AFM confirmation on 9 April 2026 — the first Dutch credit institution to complete the process under MiCA.

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The 10 Crypto-Asset Services under MiCA

MiCA Article 3(1)(16) defines crypto-asset services. Dutch CASPs must specify in their AFM application which of the following services they intend to provide:

#	Crypto-Asset Service	Description
1	Custody and administration	Holding or controlling client crypto-assets or private keys on behalf of clients
2	Operation of a trading platform	Multilateral system matching buying and selling interests in crypto-assets
3	Exchange for funds	Buying or selling crypto-assets against fiat currency using own capital
4	Exchange for other crypto-assets	Buying or selling crypto-assets against other crypto-assets using own capital
5	Execution of orders	Acting on behalf of clients to acquire or dispose of crypto-assets
6	Placing of crypto-assets	Marketing and selling crypto-assets to buyers on behalf of an issuer
7	Reception and transmission of orders	Receiving client orders and transmitting them to another CASP for execution
8	Providing advice	Personalised recommendations on crypto-assets or related services
9	Portfolio management	Managing crypto-asset portfolios pursuant to client mandates
10	Transfer services	Providing transfer of crypto-assets on behalf of clients

Each service in scope requires separate consideration in the programme of operations and may attract different capital requirements.

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Capital Requirements under MiCA (Article 67)

MiCA establishes minimum own funds requirements for CASPs based on the services they provide. The requirements are tiered:

Service Category	Minimum Capital
Advice, reception and transmission of orders, transfer services only	€50,000
Execution of orders, placing, exchange services	€125,000
Custody and administration, operation of trading platform	€150,000

Where a CASP provides services from multiple tiers, the highest applicable threshold applies. These are minimum requirements — the AFM may require higher capital based on the risk profile, scale, and complexity of the firm's activities.

Dutch CASPs must also maintain a permanent minimum of own funds at least equal to one-quarter of the preceding year's fixed overheads. This mirrors the approach for investment firms under IFR/IFD and ensures that minimum capital scales with operational costs.

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Organisational Requirements: What the AFM Expects

Beyond capital, Dutch CASPs must demonstrate to the AFM that they meet MiCA's organisational standards:

Governance:

• Management body composition meeting fit-and-proper requirements
• Clear organisational structure with documented lines of responsibility
• Conflicts of interest policy covering management, staff, and related parties
• Remuneration policy that does not create incentives to mis-sell or take excessive risk

Client protection:

• Best execution policy (for order execution services)
• Segregation of client assets from firm assets (custody, portfolio management)
• Complaint handling procedure accessible to all clients
• Pre-contractual disclosures to clients explaining services, risks, and costs

AML/CFT:

• Transfer of Funds Regulation (TFR) compliance — the "travel rule" applies to CASPs for transfers over €1,000
• Enhanced CDD for high-risk clients and transactions
• Suspicious transaction reporting to the Dutch Financial Intelligence Unit (FIU-NL)
• Coordination with the AFM and DNB on AML/CFT supervision

ICT and resilience:

• Security policy covering ICT systems used to provide crypto-asset services
• Business continuity plan with tested recovery procedures
• DORA applicability: CASPs above the size thresholds may also fall within DORA's ICT risk management framework, depending on whether they qualify as "financial entities" under Article 2(1) DORA

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Passporting: Operating Across the EU from the Netherlands

A major benefit of MiCA authorisation by the AFM is the EU passport. Under Article 53 MiCA, a Dutch-authorised CASP may provide crypto-asset services in any other EU member state under the following procedure:

1. Notify the AFM of the intended cross-border activities (target states, services, start date)
2. The AFM notifies the competent authority of each host member state within 10 working days
3. The CASP may begin providing services in the host state on the day of AFM notification transmission — no host-state approval is required

Important nuance: Passporting under MiCA covers the right to provide services cross-border. It does not override host-state AML/CFT supervision — the host-state NCA retains supervisory responsibility for AML/CFT compliance in its territory. Dutch CASPs passporting into Germany, France, Luxembourg, or elsewhere must ensure their AML/CFT procedures are calibrated to local risk environments.

For the current authorisation status of NCAs across all EU member states, see our MiCAR CASP NCA Authorization Tracker.

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Reverse Solicitation: What Dutch CASPs Must Know

MiCA reverse solicitation (Article 61) permits non-EU CASPs to provide crypto-asset services to EU clients on own initiative by the client — without requiring MiCA authorisation. However, Dutch NCAs apply this provision strictly:

• The initiative must be genuinely from the client, not solicited by the non-EU provider
• A single marketing act directed at Dutch clients disqualifies the exemption for that client relationship
• The AFM may take enforcement action against non-EU providers that misuse the reverse solicitation label

Dutch crypto firms marketing to EU clients from outside the EU cannot rely on reverse solicitation unless each engagement is genuinely client-initiated and documented as such.

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The Dutch Crypto Sector: Current Status

As of April 2026, the Dutch MiCA licensing landscape reflects the early transition:

• Firms with Wwft registrations that did not obtain MiCA authorisation by 30 June 2025 were required to cease operations — unlike in most other EU states where the EU-wide transitional period still runs until 1 July 2026
• Credit institutions and investment firms (Article 60 route) have been processing notifications throughout 2025-2026; ClearBank Europe's April 9, 2026 approval is the first confirmed Dutch credit institution CASP
• Full Article 63 authorisations: the AFM register is publicly available at afm.nl and shows the current status of all applicants and authorised entities
• Consumer protection enforcement: the AFM has been active in taking enforcement action against unregistered or unlicensed crypto firms operating in the Netherlands

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What Crypto Firms Must Do Now

For Dutch-based CASPs not yet authorised:

1. Apply immediately — the June 30, 2025 transition end means you are already operating unlawfully if you have not submitted an Article 63 application or Article 60 notification
2. Review your Wwft obligations — MiCA does not replace Wwft; AML/CFT registration and compliance obligations under DNB supervision continue alongside MiCA
3. Capital check — confirm your own funds meet the applicable MiCA Article 67 minimum for your service mix
4. Management body review — ensure all board members and senior managers meet AFM fit-and-proper requirements and have submitted required information

For non-Dutch CASPs wishing to passport into the Netherlands:

1. Obtain authorisation in your home member state first — the AFM will only accept notifications from CASPs authorised by another EU NCA
2. Check transitional status — if your home state is still in the EU-wide transitional period (ending July 1, 2026), you can passport into most EU states but not into the Netherlands unless you already have MiCA authorisation (not just transitional status)
3. Coordinate AML/CFT — prepare for Dutch AML/CFT requirements, including the AFM/DNB supervisory framework

For crypto firms exiting the market:

• Wwft VASP registrations that are no longer operating must formally de-register with DNB
• Client asset wind-down procedures under MiCA must be followed for any custody arrangements being terminated

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How financialregulations.eu Can Help

Our platform covers MiCA — including Title V (CASP authorisation), Article 143 (transitional provisions), the ESMA guidelines on CASP requirements, and Dutch national implementation specifics. You can query:

• CASP authorisation requirements — what the AFM dossier must contain, in article-level detail
• Capital calculations — which MiCA Article 67 tier applies to your service mix
• AML/CFT cross-reference — how MiCA, AMLR, and Wwft AML/CFT obligations interact for Dutch CASPs
• Passporting mechanics — what the Article 53 notification must include and when cross-border services can begin

Analyse your MiCA CASP obligations — start free

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Frequently Asked Questions

When did the Netherlands end the MiCA transitional period?

The Netherlands ended the transitional period on 30 June 2025, exercising the option under MiCA Article 143(3) to reduce the duration because the pre-MiCA Dutch VASP registration regime (under the Wwft) was less strict than MiCA. Firms that relied only on Wwft registration had to apply for MiCA authorisation or cease operations by that date. The EU-wide default transitional period runs until 1 July 2026.

What is the AFM's role under MiCA?

The Autoriteit Financiële Markten (AFM) is the Dutch competent authority (NCA) for MiCA CASP authorisations. It receives and assesses authorisation applications (Article 63) and notifications from existing regulated entities (Article 60), maintains the Dutch CASP register, and coordinates with ESMA. De Nederlandsche Bank (DNB) retains its AML/CFT supervisory role for CASPs under the Wwft.

Can a firm with a Wwft VASP registration still operate in the Netherlands?

No. Since 30 June 2025, Wwft VASP registration alone does not permit provision of crypto-asset services in the Netherlands under MiCA. Firms need either a MiCA Article 63 authorisation or a MiCA Article 60 notification approval from the AFM. A Wwft registration satisfies AML/CFT requirements but does not constitute MiCA authorisation.

What is the difference between Article 60 and Article 63 under MiCA?

Article 63 is the standard CASP authorisation route, open to all applicants, requiring a full dossier including programme of operations, business continuity plan, governance and ownership information, capital evidence, and IT security policy. Article 60 is a simplified notification route available only to existing EU-regulated entities — credit institutions, investment firms, e-money institutions, UCITS management companies, AIFMs, and certain others. The notification under Article 60 includes a similar information package but benefits from the entity's existing regulatory status and supervisory relationship.

What capital do Dutch CASPs need?

MiCA Article 67 sets three minimum own funds tiers: €50,000 for CASPs providing only advice, reception and transmission, or transfer services; €125,000 for order execution, placing, and exchange services; and €150,000 for custody and trading platform operation. Where multiple tiers apply, the highest threshold is required. CASPs must also maintain minimum own funds of at least one-quarter of the prior year's fixed overheads.

Can a Dutch-authorised CASP passport into other EU states?

Yes. A CASP authorised by the AFM under MiCA can provide services across the EU under the passporting mechanism in Article 53. The CASP notifies the AFM of the target states and services, and the AFM transmits the notification to each host-state NCA. The CASP may begin providing services in the host state on the date of AFM notification transmission — no host-state approval is required. Note that host-state AML/CFT supervision applies independently of the MiCA passport.