Information for the sector about important news and developments of MiCAR supervision
The Dutch Authority for the Financial Markets
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The Markets in Crypto-Assets Regulation (MiCAR) will be completely into effect on December 30, 2024. With this newsletter, the AFM wants to inform the sector about important news and developments in anticipation of MiCAR supervision. Want to subscribe to the AFM MiCAR newsletter?
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Supervision on white papers |
Subject to approval and entry into force of the draft MiCA and TFR implementation decree, the supervision of MiCAR in the Netherlands will be divided between the DNB and the AFM.
The DNB will be responsible for Titles III and IV (ARTs and EMTs), except for ART and EMT white papers and related marketing communications. The AFM will be responsible for the remainder of MiCAR, with the exception of certain prudential requirements, which are allocated to the DNB.
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AFM warns against crypto pump-and-dump schemes |
The AFM is concerned about market manipulation in relation to trading in cryptos.
Crypto pump-and-dump is a form of market manipulation to which investors can potentially fall victim.
Organising and participating in a pump-and-dump scheme will be banned under the new Markets in Crypto-Assets Regulation (MiCAR).
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Planning of CASP-licence applications and CASP-notification |
The AFM requests crypto companies preparing for a CASP-licence application or CASP-notification to timely communicate the exact date the application or notification will be submitted to the AFM. Please inform us of your submission date at least one week before submission, by sending an email to crypto@afm.nl. This way the AFM can prepare accordingly and increase the chance the application or notification can be handled efficiently from the start.
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Pre-scan procedure remains open |
Although the AFM is currently handling applications, the pre-scan procedure is still open for crypto companies preparing a CASP licence application. To be eligible for a pre-scan a party must have determined that their activities fall under the scope of MiCAR. Must be certain that they will apply for a MiCAR authorization in the Netherlands. Must be at a sufficiently advanced stage of preparations to have substantive discussions on MiCAR compliance policies. The AFM calls on crypto companies to apply for a licence in a timely manner.
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The AFM has published new Q&As on its website relevant for the licence application process for CASPs, including the following topics:
- Services in relation to crypto-asset derivates
- Qualification of crypto-assets derivates
- Approach for substance and governance
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Publication of Revised Policy Rule on Information Disclosure |
The AFM has revised the policy rule on Information Disclosure. This policy rule provides crypto companies applying for a CASP licence with insight and helps them how to comply with laws and regulations. In the revised version of the policy rule, interpretations have been added and updated. This particularly applies to open standards such as accurate, clear, and non-misleading information.
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ESMA published an answer on whether VASPs, operating legally before 30 December 2024 and authorised under Member State law in accordance with Article 143 of MiCAR, should be considered CASPs during the transitional period until authorisation.
Additionally, the question of whether firms dealing on their own account with regards to crypto-assets require a CASP license has been submitted.
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ESMA publishes opinion on broker models |
The European Securities and Markets Authority (ESMA), issued an opinion to address the risks presented by global crypto firms seeking authorisation under MiCAR for part of their activities (crypto brokerage) while keeping a substantial part of their group activities (intra-group execution venues) outside the European Union (EU) regulatory scope.
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ESAs publish report on subcontracting under DORA |
The three European Supervisory Authorities (EBA, EIOPA and ESMA) published their joint Final report on the draft Regulatory Technical Standards (RTS) specifying how to determine and assess the conditions for subcontracting information and communication technology services that support critical or important functions under DORA. These RTS aim at enhancing the digital operational resilience of the EU financial sector by strengthening the financial entities’ ICT risk management over the use of subcontracting.
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The AFM is committed to promoting fair and transparent financial markets. As an independent market conduct authority, we contribute to a sustainable financial system and prosperity in the Netherlands.
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