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
DNB monitors developments in cyclical risks that could impact Dutch financial stability and decides quarterly on the level of the countercyclical capital buffer (CCyB). DNB assesses that the current level of the CCyB (2%) remains appropriate for the second quarter.