MiCA în Olanda: licențiere și reguli pentru afacerile cripto

MiCA, Regulation (EU) 2023/1114 on markets in crypto-assets, is the single EU rulebook for issuing crypto-assets and providing crypto-asset services. In the Netherlands you need a MiCA licence from the Dutch Authority for the Financial Markets (AFM) to provide crypto-asset services; the transitional period for firms registered with De Nederlandsche Bank (DNB) ended on 30 June 2025. Issuers of stablecoins are supervised by DNB.

What does MiCA regulate?

MiCA sets rules for public offers and admission to trading of crypto-assets, for issuers of stablecoins, for crypto-asset service providers (CASPs) and for market abuse. Crypto-assets that qualify as financial instruments under MiFID II remain under the existing securities rules.

MiCA entered into force on 29 June 2023. The stablecoin rules in Titles III and IV have applied since 30 June 2024, and the rest, including the licensing regime for service providers, since 30 December 2024. The European supervisory authorities ESMA and EBA write the technical standards; national authorities grant licences and supervise. For Dutch law before MiCA, see our guide to înțelegerea legilor criptomonedei.

MiCA allowed a transitional period of up to 18 months for firms already active under national law. The Netherlands shortened it: under the Dutch decree implementing MiCA (Stb. 2024, 404) the transitional regime ended on 30 June 2025. Since then, providing crypto-asset services in the Netherlands without a MiCA licence is unlawful.

How does MiCA classify crypto-assets?

Everything follows from classification. MiCA distinguishes three categories, each with its own obligations for the issuer.

Two questions come up constantly. Is the token in fact a financial instrument, so that the prospectus and MiFID rules apply instead? And does a so-called utility token actually reference a value, making it a stablecoin? Answer both in writing, with reasons, before the token is offered.

Who needs a CASP licence, and what does it involve?

You need a licence if you provide one of the crypto-asset services listed in MiCA to third parties on a professional basis. In the Netherlands the AFM grants that licence.

The listed services are custody and administration, operating a trading platform, exchanging crypto-assets for funds or for other crypto-assets, executing orders, placing, receiving and transmitting orders, advice, portfolio management and transfer services. The licence is granted in the member state of your registered office, where you must also have effective management and at least one director resident in the EU.

The application covers the programme of operations, governance, the experience and reputation of the management, qualifying shareholders, internal controls, risk management and business continuity. You must meet prudential requirements: a minimum capital that depends on the services, or a quarter of the previous year’s fixed overheads if higher.

Service-specific rules come on top. A custodian must segregate client assets and is liable for losses caused by incidents within its control. A trading platform needs operating rules and transparency, and a firm giving advice must assess suitability. All CASPs must act honestly, fairly and professionally, manage conflicts of interest and run a complaints procedure.

What are the rules for stablecoins?

Stablecoins are the strictest part of MiCA. An e-money token may only be issued by a bank or an electronic money institution, at par, with a right of redemption at any time and without interest.

An ART issuer needs its own authorisation and must hold a segregated reserve of highly liquid assets with a qualifying custodian, publish its composition and keep own funds. Significant tokens face stricter requirements, and for significant ARTs supervision moves to the EBA. Stablecoins referencing a non-EU currency that are widely used as a means of exchange are subject to caps on transaction volumes.

What are the rules on white papers and market abuse?

The white paper is MiCA’s main disclosure document. It describes the issuer, the project, the rights attached to the token, the technology, the risks and the environmental impact of the consensus mechanism.

For most crypto-assets the white paper is notified to the AFM, not approved, so the offeror and its management carry full responsibility. Holders who suffer loss from incorrect or misleading information can claim damages, and that liability cannot be excluded by contract. Marketing must be recognisable as such and consistent with the white paper.

Title VI of MiCA prohibits insider dealing, unlawful disclosure of inside information and market manipulation. Firms that arrange or execute transactions must detect and report suspicious orders.

How is MiCA supervised in the Netherlands?

The Dutch Act implementing the MiCA Regulation (Uitvoeringswet verordening cryptoactiva) fits MiCA into the Financial Supervision Act (Wft). The AFM supervises crypto-asset service providers and other crypto-assets; DNB supervises issuers of asset-referenced and e-money tokens.

Both supervisors can issue instructions, impose orders subject to a penalty payment, impose administrative fines and withdraw licences, under the enforcement framework of the Wft. Their decisions are open to objection and appeal before the administrative courts. The same Act amended the Economic Offences Act (Wet op de economische delicten), so providing crypto-asset services without a licence can also be prosecuted as a criminal offence, also against directors.

Does MiCA replace the anti-money laundering rules?

No. CASPs remain institutions under the Dutch Anti-Money Laundering and Anti-Terrorist Financing Act (Wwft). They must carry out customer due diligence, monitor transactions and report unusual transactions to the Financial Intelligence Unit (FIU-Nederland).

The Dutch duty covers unusual transactions, not only suspicious ones, which is a lower threshold than in several other countries. See our ghid complet privind regulile de spălare a banilor în Olanda. The EU Anti-Money Laundering Regulation will apply directly from 10 July 2027.

What does MiCA not cover?

MiCA does not apply to unique, non-fungible tokens, to services provided in a fully decentralised way without any intermediary, or to taxation. Each exclusion is narrower than it looks.

Large series or collections of NFTs and fractions of a unique asset can be treated as fungible and fall within MiCA. Very few DeFi arrangements are truly decentralised: a front end, a foundation or a team that can upgrade contracts points to an identifiable provider. Our article on Drepturi de proprietate asupra NFT-urilor în Olanda covers the civil-law side.

Tax remains national, and we do not advise on tax structuring; check the current guidance of the Belastingdienst or a tax adviser. Since 1 January 2026 crypto-asset service providers must report customer transaction data to tax authorities under the EU directive on administrative cooperation (DAC8).

Which other rules apply alongside MiCA?

The Transfer of Funds Regulation (EU) 2023/1113 has applied since 30 December 2024 and introduces the travel rule: information on originator and beneficiary must accompany every crypto transfer. Transfers involving self-hosted wallets require additional checks.

The Digital Operational Resilience Act (DORA), Regulation (EU) 2022/2554, has applied since 17 January 2025 to CASPs and ART issuers. It requires an ICT risk framework, incident reporting, resilience testing and specific terms in contracts with ICT providers. The GDPR, consumer law and Dutch contract and property law also apply; see our Ghiduri juridice IT.

How do you get through the licence application?

Start with a written classification analysis of every service and token, and decide which member state will be your home state. The AFM will ask for this first.

Close governance gaps before you apply: management without financial-services experience, a compliance function reporting to sales or shareholders whose ultimate ownership cannot be shown are the usual causes of delay. Build custody, conflicts, complaints, continuity, DORA, travel-rule and Wwft procedures in parallel, because the AFM tests them as working procedures. Own funds must be maintained continuously, not only at the application.

A licence allows passporting: after notification through the AFM you can serve clients throughout the EU. It also helps with banks and institutional partners. Against that stand ongoing capital, reporting and compliance costs, which for a small firm can outweigh the benefits.

What rights does MiCA give customers?

Retail holders can rely on four protections. These apply whether or not the AFM reviewed the white paper.

• Damages from the offeror if a white paper is incomplete, unclear or misleading.
• Segregation of client assets by a custodian, which is liable for losses caused by incidents within its control, up to the market value of the asset lost.
• A right to redeem stablecoins at any time, at par for e-money tokens, and no interest on either type.
• A withdrawal right on certain purchases of other crypto-assets directly from the offeror, if the asset is not admitted to trading.

Every CASP must handle complaints free of charge. If a complaint is not resolved, the Financial Services Complaints Institute (Kifid) for participating firms and the civil courts remain available.

Ce ar trebui să verifici ca afacere cripto?

• Is each service on MiCA’s list of crypto-asset services, and does each token qualify as an EMT, ART, other crypto-asset or financial instrument?
• Do you hold an AFM licence now that the Dutch transitional period ended on 30 June 2025?
• Does your management meet the experience and reputation requirements?
• Are your own funds maintained continuously at the required level?
• Have you implemented the travel rule, DORA and Wwft procedures?
• Is your white paper complete and consistent with your marketing?

What should you check as a customer or investor?

• Is the provider in the AFM’s public register of licensed firms?
• Is there a published white paper for the crypto-asset?
• Are your assets held separately from the provider’s own assets?
• Does a stablecoin promise interest or restrict redemption, which MiCA does not allow?
• Do you have a withdrawal right on your purchase, and until when?

What can we do for you with MiCA?

As avocat IT we advise crypto and blockchain businesses and their customers.

• We classify your tokens and services under MiCA in a written analysis.
• We prepare and support your licence application with the AFM.
• We review white papers and marketing materials.
• We set up your Wwft customer due diligence and reporting procedures.
• We act for you in correspondence and enforcement proceedings with the AFM and DNB.
• We assess damages claims by holders over a misleading white paper or lost assets.

Rezumat

• MiCA has applied in full since 30 December 2024; the stablecoin rules since 30 June 2024.
• In the Netherlands the AFM licenses CASPs and DNB supervises stablecoin issuers.
• The Dutch transitional period ended on 30 June 2025; operating without a licence is unlawful and can be prosecuted.
• MiCA comes on top of the Wwft, the travel rule and DORA.
• Holders can claim damages for a misleading white paper, and that liability cannot be excluded.

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