Supervision of crypto-assets and crypto-related services is covered by the Markets in Crypto-Assets Regulation (MiCAR), which came into force in late 2024. Under MiCAR, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten – AFM) is the competent authority for licensing crypto-asset service providers (CASPs) and for conducting the lion’s share of their regular supervision.
DNB has competence for regular prudential supervision of CASPs and for assessing proposed holdings in CASPs. In addition, under MiCAR, DNB is the competent supervisory authority for the issuers of two different types of stablecoins: electronic money tokens (EMTs) and asset-referenced tokens (ARTs). For more information, see the page on MiCAR.
This shared supervision model for CASPs is in line with the twin peaks model, which divides supervision competence between AFM and DNB and applies across all sectors. For more information on the AFM's supervision, please see this page.
News item supervision
On 31 May 2023, DNB announced an increase of the countercyclical capital buffer (CCyB) to 2%. Banks with loans outstanding in the Netherlands must comply with this requirement since 31 May 2024.