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Overview of the Regulatory Framework
Dutch Wwft (Wet ter voorkoming van witwassen en financieren van terrorisme)
Core Dutch AML law implementing EU AMLD3–6 and integrating MiCA.
Applies to crypto-asset service providers (CASPs), classified as financial institutions.
Requires risk-based customer due diligence (CDD), KYC, ongoing monitoring, reporting unusual transactions to FIU-NL, and sanctions screening.
EU MiCA (Markets in Crypto-Assets Regulation)
Direct EU application since December 2024 (stablecoins earlier); full CASP licensing mandatory.
In the Netherlands: AFM handles most CASP licensing/authorisation; DNB supervises stablecoin issuers (e.g., asset-referenced tokens, e-money tokens) for prudential aspects.
Grandfathering/transitional periods: Many ended by mid-2025 or July 1, 2026 deadline; only authorised CASPs can operate legally post-deadline.
Key obligations: Licensing, asset segregation, governance, IT resilience (DORA integration), and AML/CFT alignment.
Transfer of Funds Regulation (TFR / Travel Rule)
Enforced since December 30, 2024 (no thresholds; applies to all crypto transfers).
CASPs must collect, verify, and transmit originator/beneficiary information (name, address, account/wallet details).
Applies to transfers involving hosted and unhosted (self-custody) wallets; enhanced checks for unhosted addresses.
Non-compliance risks severe penalties, licence revocation.
Upcoming EU AML Package (AMLR, AMLD6, AMLA)
AMLR (direct regulation) applies from July 2027; harmonises CDD, beneficial ownership, reporting.
AMLA (EU authority) rolls out centralised supervision and guidelines in 2026–2027.
Strengthens crypto coverage, including Travel Rule enforcement and suspicious activity reporting.
Supervising Authorities in the Netherlands
DNB (De Nederlandsche Bank): Prudential supervision, stablecoins, sanctions (e.g., Russia-related).
AFM (Autoriteit Financiële Markten): CASP licensing, conduct, market integrity; crypto registers.
DFEI (Dienst Financieel-Economische Integriteit): From January 1, 2026, merges previous bodies (e.g., BTWwft) for broader integrity supervision.
FIU-NL for suspicious transaction reports.
Crypto-Asset Service Providers (CASPs)
Crypto-Asset Service Providers (CASPs) are defined under MiCAR as a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59 MiCAR. Read more on AFM.nl / CASP-license.
Definition
MiCAR defines ‘crypto-assets’ as “a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology”. A ‘crypto-asset service’ means any of the following services and activities relating to any crypto-asset:
(a) providing custody and administration of crypto-assets on behalf of clients;
(b) operation of a trading platform for crypto-assets;
(c) exchange of crypto-assets for funds;
(d) exchange of crypto-assets for other crypto-assets;
(e) execution of orders for crypto-assets on behalf of clients;
(f) placing of crypto-assets;
(g) reception and transmission of orders for crypto-assets on behalf of clients;
(h) providing advice on crypto-assets;
(i) providing portfolio management on crypto-assets;
(j) providing transfer services for crypto-assets on behalf of clients.
Thus, any person wishing to provide any of these services in the EU must be authorized under MiCAR, via either a CASP-license (see Article 63 MiCAR) or a CASP-notification (see Article 60 MiCAR).
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