CASP authorisation in the Netherlands under MiCA
CASP authorisation in the Netherlands runs through AFM for conduct and DNB for prudential. The legal framework is the directly-applicable MiCA Regulation, overlaid by Wft amendments designating the competent authorities and the transitional rules from the prior DNB crypto-registration regime. This piece walks through the Dutch two-authority architecture and how the regime sits next to the existing pieces on CASP authorisation in Spain, France and Italy.
1. Legal basis
- Regulation (EU) 2023/1114 — MiCA, directly applicable
- Wet op het financieel toezicht (Wft) amendments designating AFM and DNB as competent authorities for MiCA
- Prior DNB crypto-service-provider registration regime — with transitional provisions for migration to CASP
2. Who grants what
| Activity | Competent authority |
|---|---|
| CASP authorisation (Article 59 MiCA) | AFM (conduct) + DNB (prudential) |
| ART issuer authorisation | DNB |
| EMT issuance | DNB (issuer must be credit institution or EMI) |
| Prior crypto-service-provider registration | DNB |
| AML supervision | FIU-Nederland (intelligence) + DNB (framework) |
3. The MiCA services catalogue
The Article 3(1)(16) MiCA service list applies uniformly — see our MiCA white paper piece. The selection drives capital, conduct and operational requirements.
4. Capital floors
Article 67 MiCA: €50,000 / €125,000 / €150,000 depending on services. Ongoing own funds must be the higher of the floor and a quarter of previous-year fixed overheads.
5. What goes in the dossier
Dutch or English (English common). Crypto-asset specifics:
- Programme of operations — services, customer journey, asset types
- Business plan — three-year financial projections
- Governance — dagelijks beleidsbepalers, fit-and-proper testing
- ICT and operational-resilience framework aligned with DORA
- Custody and segregation — cold/hot wallet split, key management, sub-custody
- Market-abuse policy — MiCA Articles 88+
- AML / CTF programme with the Travel Rule implementation
- White papers where the CASP also issues tokens
6. Migration from DNB crypto registration
7. Realistic timing
Article 63 MiCA: 25 working days for completeness, plus 40 working days for substantive decision. End-to-end: six-to-nine months for a first-time applicant; shorter for DNB-registered migrants.
8. What switches on at grant
- Travel Rule on every transfer
- DAC8 reporting from 2026
- AML obligations under Wwft — UTR filing through goAML
- Market-abuse monitoring under MiCA Articles 88+
- AFM supervisory reporting
- Passporting notifications cross-border
9. FAQ
Do I file with AFM or DNB?
Both, jointly. Single dossier; AFM leads on conduct, DNB on prudential.
If I have DNB crypto registration, am I CASP-authorised?
No. Different regime. Article 143 MiCA transitional provisions allow continued operation during the file inside defined windows.
How does this compare to the other CASP regimes?
Substance identical (MiCA directly applicable). Procedural differences are the two-authority architecture and the Dutch migration specifics. See the Spanish, French and Italian pieces.
Are stablecoins included?
Through ART (Title III) and EMT (Title IV) at DNB, separate from the CASP services authorisation.
Does the CASP authorisation passport?
Yes, under Article 65 MiCA. See branch vs Freedom of Services.
What is AFM’s specific focus?
Conduct, market-abuse monitoring, marketing communications, and the white-paper review where the CASP also issues tokens. AFM has issued guidance for the CASP cohort during transition.
10. What to do, today
- Confirm whether services trigger CASP authorisation, ART/EMT issuance, or both.
- If DNB-registered, start the CASP dossier inside the transitional window.
- Build custody segregation, market-abuse policy and Travel Rule implementation as core elements.
- Pre-engage with AFM and DNB before formal submission.
- Plan post-grant reporting alongside the application.
Related: MiCA white paper drafting · CASP Spain · CASP France
