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AFM and DNB clarify supervisory roles under MiCAR in the Netherlands

The Dutch Authority for the Financial Markets and De Nederlandsche Bank clarified their roles under MiCAR, effective late 2024, for crypto-asset service providers and stablecoin issuers.

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The Dutch Authority for the Financial Markets (AFM) and De Nederlandsche Bank (DNB) clarified their supervisory roles under the Markets in Crypto-Assets Regulation (MiCAR), which will come into force in late 2024. AFM will be responsible for licensing crypto-asset service providers (CASPs) and conducting regular supervision, while DNB will handle prudential supervision and assess proposed holdings in CASPs.

Under MiCAR, AFM is the competent authority for licensing CASPs and conducting their regular supervision. DNB has competence for regular prudential supervision of CASPs and for assessing proposed holdings in CASPs, as stated in the regulation.

The clarified roles apply to crypto-asset service providers (CASPs), issuers of electronic money tokens (EMTs), and issuers of asset-referenced tokens (ARTs).

The implementation of these supervisory roles is set to take effect by December 31, 2024, when MiCAR comes into force.

This division of responsibilities aligns with the twin peaks model of supervision, which is applied across all sectors in the Netherlands.

Source: DNB, official publication, retrieved 2026-08-11

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