MiCA in the Netherlands: one authorisation for the EU

The Markets in Crypto-Assets Regulation (MiCA) replaced the national rules with one set of European rules. A crypto-asset service provider (CASP) authorised in one Member State can offer its services across the EU. In the Netherlands, the Authority for the Financial Markets (AFM) grants this authorisation. De Nederlandsche Bank is involved in the prudential supervision.

Exchanges, custodians, brokers and wallet providers from outside the EU now need a licence for EU clients. They can choose the Member State where they apply. The Netherlands has an experienced supervisor, an English-language process and the continent's payments infrastructure. Many providers file their application in Amsterdam. We set up the BV and the holding above it, arrange a real presence in the Netherlands and work with regulatory lawyers on the authorisation.

What MiCA authorisation covers

The CASP authorisation is for providers of crypto services. It includes custody and administration, operation of a trading platform, and exchange of crypto-assets for funds or other crypto-assets. It also includes execution and reception of orders, placing, advice and portfolio management. The capital you must hold (own funds) depends on the services you provide. The rules for governance and for suitable and reliable directors are similar to those for other financial firms. The rules on white papers and market abuse apply across the EU.

Why the Netherlands for a CASP

The AFM gained its crypto experience early and handles the process in English. Crypto providers use the same infrastructure as Dutch payment companies. There are banks that work with regulated fintech, and there are enough auditors and compliance specialists. You can also hire staff with experience at the leading European firms in the sector. Groups that combine payments and crypto use two Dutch companies under one holding. One company has the payment institution licence from DNB, the other the CASP authorisation from the AFM. See a Dutch entity for payment services for this structure.

Start with the company

Before you apply, you arrange the ownership and the governance of the company. You document the qualifying holdings and prepare the directors for the assessment. The company needs a real establishment in the Netherlands (substance). It also needs measures against money laundering under the Dutch anti-money laundering act (Wwft). We set up the BV and the holding above it. Specialised regulatory lawyers handle the authorisation file, and all coordination is done in writing.

Setting up in the Netherlands

A Dutch BV is incorporated by notarial deed and registered with the Dutch Chamber of Commerce (KVK). The incorporation can be done from abroad by power of attorney. We set up the company and the group structure, with the ownership chain, the substance and the governance documents. Specialised regulatory lawyers handle the licence application, and we coordinate this in writing. You can read more on EU market entry.

Frequently asked questions

What is a CASP under MiCA?

A crypto-asset service provider (CASP) is a company authorised to offer services in crypto-assets. These services include custody, trading platforms, exchange, order execution, placing, advice and portfolio management. With one authorisation, you can offer these services across the EU.

Who grants MiCA authorisation in the Netherlands?

The Authority for the Financial Markets (AFM) is the Dutch licensing authority for CASPs. De Nederlandsche Bank is involved in the prudential supervision.

Can you combine payments and crypto in one Dutch structure?

Yes. The usual set-up is two BVs under one Dutch holding. One BV has the payment licence from De Nederlandsche Bank (DNB). The other BV has the crypto authorisation from the AFM. Under the participation exemption, the holding receives dividends from these BVs tax-free.

What does Holdwise do in the process?

We set up the BV and the holding, prepare the ownership documents and arrange a real presence in the Netherlands (substance). Specialised regulatory lawyers handle the authorisation application, and we coordinate this in writing.