Dutch Authority for the Financial Markets sets supervisory expectations for MiCAR advertising and cost disclosures by crypto asset service providers

The Dutch Authority for the Financial Markets (AFM) has published findings and practical guidance from exploratory work on crypto asset service providers’ (CASPs) advertising and website cost disclosures, highlighting key Markets in Crypto-Assets Regulation (MiCAR) information standards now that MiCAR is fully in force from 30 December 2024. The AFM signals that it observed practices that could qualify as MiCAR breaches and expects both authorised CASPs and those awaiting authorisation to ensure their communications are in customers’ interests and support informed decision-making. MiCAR requires CASPs to provide correct, clear and non-misleading information, including on historical returns, staking remuneration and promotional actions, and to make marketing communications clearly recognisable as such. Providers must also warn (potential) clients about the risks of crypto-asset transactions and give tariff, cost and fees policies a prominent place on their websites. The AFM points to shortcomings such as references to “safe” crypto trading without sufficient context and cases where information on tariffs and costs was absent or inadequate, while noting it also found examples of good practice. The AFM will supervise compliance with these MiCAR information and advertising norms and will assess how CASPs organise their internal policies on information provision, indicating it intends to apply critical supervision with a consumer-protection focus.