What it is
The Autoriteit Financiële Markten (AFM) is the Netherlands' financial markets regulator, founded in 2002 and headquartered in Amsterdam. It supervises the conduct of financial firms—from banks and insurers to investment funds and, increasingly, crypto-asset service providers. Its mandate centres on fair, transparent, and efficient markets. In the crypto domain, the AFM shares supervisory responsibilities with De Nederlandsche Bank (DNB). Under the Markets in Crypto-Assets (MiCA) regulation, which took full effect in 2025, the AFM acts as the national competent authority for crypto-asset service providers (CASPs), while DNB continues to oversee anti-money laundering aspects.
Crypto framework and stance
The AFM's current crypto framework is MiCA, which it began enforcing as of 2025. Before MiCA, Dutch crypto firms had to register with DNB under the Fifth Anti-Money Laundering Directive (AMLD5) transposed into national law. That regime was narrow, focused on AML/CFT, and gave the AFM limited direct authority over crypto trading platforms. Now, under MiCA, the AFM grants authorisations for CASPs, including exchanges, custodians, and trading platforms. It enforces strict rules on marketing communications, suitability assessments, and conflicts of interest. The regulator has signalled a no-tolerance approach to unauthorised operations and misleading promotions, aligning with its broader stance on consumer protection. In 2026, the AFM is actively processing MiCA CASP applications and expects authorised entities to comply with ongoing prudential and conduct requirements.
Notable actions
Several actions define the AFM's crypto posture. In 2023, Binance withdrew from the Dutch market after failing to secure a VASP registration from DNB, an outcome heavily influenced by the AFM's assertive stance on compliance. The same year, Coinbase paid a €3.3 million fine and eventually obtained DNB registration, signalling that even large global players must play by Dutch rules. The AFM's current focus is the MiCA CASP authorisation rollout, which forces domestic and EU-based providers to meet uniform standards. Each of these moves underscores a consistent theme: the Netherlands will enforce entry barriers and conduct rules stringently, and firms that skirt registration can expect fines or market exit.
Key figures
Chair Laura van Geest has led the AFM since 2020. She has emphasised investor protection and market integrity, particularly as digital assets expanded. Under her leadership, the AFM has taken a pragmatic but firm line—welcoming innovation if it comes with proper safeguards. Her public statements reflect a readiness to use the full MiCA toolkit to supervise CASPs and a wariness of risks arising from cross-border, lightly regulated crypto entities.
What it means for users and builders
For builders, the path is clear: obtain MiCA authorisation from the AFM or another EU national authority and passport into the Netherlands. Marketing must be fair, clear, and not misleading; suitability checks apply when selling complex crypto products. For users, the regime offers the most structured consumer protection in the EU—transparent disclosures, custody safeguards, and an avenue for complaints. However, restrictions on certain high-risk products and a thinner selection of offshore platforms mean fewer options for those seeking unregulated exposure.
Outlook
The AFM will continue processing MiCA applications and stepping up enforcement against unregistered firms. As stablecoin rules under MiCA settle, the AFM and DNB will jointly police e-money token issuers. The experience with Binance and Coinbase has set a precedent; expect more fines and exit orders for non-compliance. With van Geest at the helm, the AFM is likely to remain a proactive, tough-minded regulator in a harmonising EU crypto market.
DeFi Intel publishes editorial research, not financial advice. Do your own research and consult a licensed advisor for your situation.