Stablecoin issuer / redeemer in Netherlands

DNB — VASP registration (~90% rejection rate pre-MiCA), AML/CFT supervision

AFM — Market conduct, CASP authorization under MiCA

MiCA Regulation (EU) (2023) — CASP authorization, comprehensive crypto regulation

WWFT (Anti-Money Laundering and Anti-Terrorist Financing Act) (2018) — Pre-MiCA VASP AML registration with DNB — rigorous WWFT compliance

VASP: CASP authorization under MiCA via DNB/AFM. Pre-MiCA DNB registration had ~90% rejection rate. Substantial UBO integrity screening. Several exchanges withdrew from Netherlands.

AFM: Licenses and supervises crypto-asset service providers under MiCAR; opened its digital portal for MiCAR license applications as of April 22, 2024

DNB: Maintains the register of crypto service providers and oversees AML/CFT compliance under the Wwft

EMTs: Issued only by licensed credit institutions or electronic money institutions (EMI), with notification to supervisors via white paper before issuance (Articles 48(6) and 51(11) MiCA).

ARTs: New dedicated license required, except for already-licensed credit institutions (Article 17 MiCA).

Comprehensive: Regulated via Dutch implementation of EU rules (e.g., 5AMLD and MiCA) rather than standalone national laws; covers AML/CTF, licensing, and supervision without prohibiting crypto.

Applies to crypto exchanges, custodian wallet providers, and CASPs; stablecoins and unbacked cryptos (e.g., Bitcoin) have specific oversight.

Transitional period ended June 30, 2025: Existing CASPs could operate under prior rules while applying for MiCA licenses; only licensed entities allowed post-transition.

De Nederlandsche Bank (DNB): Central bank; handles AML/CTF registration for crypto service providers (exchanges, custodians), monitors compliance, supervises stablecoin issuers under MiCA, and enforces Wwft/Sanctions Act. Requires fit-and-proper tests, business plans, and policies for registration.

Dutch Authority for the Financial Markets (AFM): Supervises conduct, handles MiCA license applications/notifications for CASPs (opened portal April 22, 2024), and applies Financial Supervision Act (Wft) if crypto qualifies as financial instruments.

Ministry of Finance: Oversees national policy, adapts laws to EU standards like MiCA.

Wwft (Dutch Money Laundering and Anti-Terrorist Financing Act): Implements 5AMLD (effective May 21, 2020); mandates DNB registration for exchanges and custodian wallets, with KYC, transaction monitoring, and suspicious activity reporting. Non-compliance risks fines/imprisonment.

Markets in Crypto-Assets Regulation (MiCA/MiCAR): EU-wide (enacted 2024, licenses effective December 30, 2024); AFM processes applications, promotes transparency; DNB focuses on stablecoins.

Dutch Financial Supervision Act (Wft/FSA): Applies if crypto is a security or e-money.

Legal and encouraged with oversight: Trading/owning crypto permitted; providers must register with DNB (pre-MiCA) or obtain AFM MiCA licenses post-2025. AFM advises new providers to apply directly for MiCA rather than DNB registration.

Strict enforcement: Fines on unregistered platforms (e.g., Binance, Coinbase).

AFM MiCA portal: Referenced in CMS guide (applications since April 2024).

Evidence fact nl.tax not found (may have been renamed).

No Capital Gains Tax: Gains from selling, swapping, or transferring crypto (including between personal wallets) are not taxed as capital gains. Taxation occurs annually on the presumed yield from holdings valued on January 1, regardless of realization or HODLing. Cost basis resets yearly to January 1 value, and losses are not recognized.

Income Tax (Box 1): Crypto earned from mining, staking, payments, or professional trading (e.g., day trading) is taxed as regular income at progressive rates based on total income brackets. This applies even below the Box 3 threshold.