MiCAR: First Experiences With Dutch AFM Licence Application Process

Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, AFM) opened its licence application desk for crypto-asset service providers (CASPs) under the EU Markets in Crypto-Assets Regulation (MiCAR). Several applicants have successfully completed the initial phase.

In this insight, we share five key takeaways from the process so far.

The AFM's new approach

The AFM has established a dedicated crypto team and is embracing a new approach that focuses on increased industry interaction. One key initiative is the optional pre-scan, which is a preliminary, informal procedure designed to help build knowledge on critical topics and offer applicants valuable initial feedback. This, in turn, enhances the quality of the formal licence applications.