MiCAR
The Markets in Crypto-Assets Regulation (MiCAR) is a European legislative package for regulating crypto assets and crypto-related services. MiCAR marks an important step in the further regulation of crypto assets in Europe. Effective from the 30th of June 2024, the first part of MiCAR will apply within the European Union.
Why is MiCAR introduced?
MiCAR aims to further harmonise the regulation of crypto assets in Europe, thereby creating a level playing field and supporting innovation. At the same time, this legislative package aims to better protect consumers. Lastly, MiCAR provides a uniform set of rules for crypto markets, which is important for investors in crypto assets and for the stability and integrity of the crypto ecosystem. It is an important step in ensuring financial stability and facilitating a market with integrity.
Supervision under MiCAR
MiCAR will bring a greater number of crypto-related services under supervision. Under MiCAR, the Dutch Financial Markets Authority (AFM) is the licensing authority for providers of (new) crypto services and is responsible for most of the regular supervision of compliance with the requirements applicable to these services. For more information on the AFM's supervision, please see this page.
Supervision by DNB
Under MiCAR, DNB is responsible for supervising the two different types of stablecoins: Electronic Money Tokens (EMTs) and Asset Referenced Tokens (ARTs). The distinction relates to the value to which the respective stablecoins refer. ARTs refer to the value of an asset or a basket of assets. In contrast, the value of EMTs is linked to a currency.
Assessment of proposed holdings in CASPs
Under Article 84 of MiCAR, DNB is the competent authority to carry out the assessment of proposed acquisitions of qualifying holdings in Crypto-Asset Service Providers (CASPs) as of 30 December 2024. From 1 July 2024, draft applications can be submitted through the MyDNB portal for the purpose of proposed holdings of CASPs. We will assess these applications in draft form, as we depend partly on ESMA's more detailed interpretation of the various requirements.
Prudential supervision of CASPs
In addition to assessing proposed holdings in CASPs, DNB will be responsible for the regular prudential supervision of CASPs. This shared supervision model for CASPs is in line with the ‘twin peaks model’ between AFM and DNB that applies across all sectors.
Licence requirement for issuers of ARTs and EMTs
Issuers of both EMT and ART stablecoins must be licensed. EMT issuers can apply for a licence through existing licensing processes, since the issuance of an EMT requires an electronic money institution licence or a credit institution licence. A new licence is introduced for ART issuers, with the exception of institutions already licenced as credit institutions and complying with Article 17 of MiCAR.
ART issuers
ART issuers can apply for a licence through the My DNB portal from 1 July 2024. For more information on the licence application process, see: Licence application for issuers of asset-referenced tokens.
Issuing EMT
To issue EMT stablecoins, the issuer must be licensed as a credit institution or electronic money institution. Pursuant to Article 48(6) of the MiCAR, the institution must notify the account supervisor of this intention before issuing an EMT. In addition, in accordance with Article 51(11) of the MiCAR, the issuer of the EMT must inform the competent authority by means of a white paper accompanying the EMT. Institutions wishing to submit a notification or white paper can mail it – subject to the deadlines specified in Title IV of the MiCAR – to crypto@afm.nl and crypto@dnb.nl.
Contact
If you have any questions about crypto assets, please contact crypto@dnb.nl. For questions about licensing, please contact markttoegang@dnb.nl.