Crypto‑Asset Services in the Netherlands
The Netherlands will apply the new EU Markets in Crypto‑Assets Regulation (MiCAR) through the Autoriteit Financiële Markten (AFM). Every provider of crypto‑asset services operating in or from the Netherlands must hold either (i) a Crypto‑Asset Service Provider (CASP) licence issued by the AFM or another European supervisor, or (ii) rely on a valid CASP notification where this route is available.
Crypto‑assets are “digital representations of value or rights that can be transferred and stored electronically using distributed‑ledger or comparable technology.”
Crypto‑asset services include custody, trading‑platform operation, fiat‑to‑crypto or crypto‑to‑crypto exchange, order execution, placement, reception & transmission of orders, advice, portfolio management, and transfer services.
A startup intending to offer any of these services to clients on a professional basis must obtain an AFM licence unless it already holds another EU financial licence that allows the services and opts for the notification route.
CASP licence – required for stand‑alone startups or group entities whose core business is crypto‑asset services.
CASP notification – available only to firms that are already authorised in the EU as a credit institution, CSD, investment firm, market operator, e‑money institution, UCITS management company or AIFM and intend to add crypto‑asset services that are equivalent to their existing permissions. Startups that are not one of the listed authorised entity types must follow the licence route.The AFM expects applicants to deliver a high‑quality, self‑contained dossier. Recommended good practices are:
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Scope analysis – confirm which MiCAR provisions apply to your business model and plan any organisational changes early.
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Knowledge building & gap analysis – map current controls against MiCAR requirements and schedule remediation.
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External advice (where needed) – remain responsible for content but seek specialist input on complex issues such as asset segregation.
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Early dialogue with the AFM – raise high‑impact questions (e.g., IT architecture, risk framework) at crypto@afm.nl before filing.
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Responsiveness – be ready to answer follow‑up questions quickly and implement requested improvements.
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Comprehensive submission – include a clear index and precise cross‑references to all supporting documents plus fully completed fit‑and‑proper forms.
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Purpose – a one‑hour, informal review designed to surface major issues before the formal application. It does not replace the statutory assessment.
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Eligibility – you must (i) have determined that MiCAR applies to you, (ii) commit to applying in the Netherlands, and (iii) be far enough in your preparations to discuss compliance policies substantively.
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Process – email crypto@afm.nl, receive a meeting invitation, submit a slide deck with answers to ten predefined questions (group structure, services sought, fit‑and‑proper candidates, risk & ICT frameworks, AML/CFT set‑up, client‑asset segregation, disclosure practices, etc.) at least one working day before the call.
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The statutory roadmap (summarised visually in the MiCAR Supervision diagram on page 1 of the AFM PDF) is mirrored on the AFM website:
a. Submission
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Send the full application and all annexes securely via Cryptshare. Acknowledgement of receipt follows within 5 working days.
b. Completeness phase (up to 25 working days)
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AFM performs an initial completeness check.
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If information is missing, the applicant receives one request and 5–20 working days to remedy. Failure to respond adequately can lead to refusal.
c. Assessment phase (40 working days)
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Once declared complete, the substantive review starts.
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AFM can request further information once (within 20 working days).
d. Decision & notification
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AFM must grant or refuse the licence and notify the applicant within 5 working days after completing its assessment.
e. Overall timing
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The legal maximum is 105 working days (~5 months), but complex or incomplete files typically extend the calendar duration.
f. Supervisory interaction
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Expect ad‑hoc queries and about one to three supervisory meetings, depending on scale and risk.
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Every person responsible for daily management or supervisory oversight must pass suitability and integrity checks. Assessments follow the criteria that apply to “Group B” management positions in Dutch financial regulation. Fees for individuals apply per person and vary depending on whether DNB has already assessed the candidate.
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Conduct a scoping review to confirm that your planned activities are within MiCAR and require a licence.
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Start drafting the application pack early, aligning policies with MiCAR and incorporating the good‑practice points above.
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Decide whether the optional pre‑scan will add value and, if so, schedule it promptly.
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Build a project plan that reserves at least five months for the AFM procedure and additional time for possible follow‑up actions.
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Budget for AFM time‑based fees and individual fit‑and‑proper assessments.
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Maintain an open channel with the AFM (crypto@afm.nl) for clarifications and guidance.
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Our Edge
Licentium is a specialized platform that connects crypto-asset issuers and service providers with an international network of lawyers, regulatory consultants, and former supervisors. Projects can map applicable rules in key jurisdictions through a single interface, obtain jurisdiction-specific launch advice, arrange the drafting of white papers and licensing applications, and schedule ongoing compliance health-checks. The platform’s curated expert pool spans financial services, data protection, and corporate law, enabling founders to address cross-border requirements—from MiCA in the EU to securities, AML, and consumer-protection regimes elsewhere—within coherent project timelines and budgets.
