Crypto lanceren is makkelijk geworden, voldoen aan de regels niet
AI Analysis
The AFM has reminded token creators and promoters that launching a crypto-asset or memecoin through an online platform does not avoid MiCAR obligations. For public offerings, the regulator highlights the need for an eligible legal-person issuer, a generally required white paper that is notified and published, and advertising that is fair, clear, recognisable and consistent with the white paper. Independent market reporting and Dutch legal commentary read this as a practical enforcement signal aimed particularly at informal token launches and social-media promotion, rather than as a new rule.
Key dates
- 2024-06-30
- MiCAR provisions concerning asset-referenced tokens and e-money tokens became applicable.
- 2024-12-30
- Most remaining MiCAR provisions, including the principal Title II framework for offers and admissions to trading of other crypto-assets and Title V CASP requirements, became applicable.
- 2026-11-06
- The AFM published its warning and reminder concerning public crypto-asset offerings, memecoins, white papers and marketing communications.
Suggested considerations
- Compliance teams may wish to identify every token launched, distributed or promoted to EU users and document whether the activity is an issuance, public offer, admission to trading or a crypto-asset service under MiCAR.
- Firms should consider confirming that the issuer is a legal person and recording the basis on which any MiCAR exemption is relied upon, including the relevant investor-count or EUR 1,000,000 12-month threshold where applicable.
- Before marketing or distribution, firms should consider preparing, notifying and publishing the required MiCAR white paper and ensuring that its content follows the applicable regulatory technical standards and AFM submission expectations.
- Marketing, influencer activity, website content and social-media posts should be reviewed for fair, clear and non-misleading presentation, clear advertising identification, balanced risk disclosure and consistency with the white paper.
- Firms should consider retaining approval records, versions of promotional content, influencer instructions, audience and jurisdiction controls, and evidence supporting any exemption or risk classification.
- Trading platforms and CASPs may wish to assess onboarding and listing controls for tokens whose issuer, white paper, promotional claims or market-abuse risk indicators are unclear.
- Compliance teams should consider escalation procedures for exaggerated profit claims, undisclosed paid promotion, misleading statements about token utility or supply, and conduct suggesting fraud or market manipulation.
- Firms should consider checking whether the token is instead a financial instrument or an asset-referenced token or e-money token, in which case MiFID II or MiCAR Titles III or IV and their associated authorisation requirements may apply rather than, or in addition to, the ordinary Title II analysis.
What changed
The publication does not introduce a new regulation or effective date; it restates and foregrounds existing obligations under Regulation (EU) 2023/1114 on markets in crypto-assets (MiCAR). Under MiCAR Title II, a person intending to make a public offer of a crypto-asset other than an asset-referenced token or e-money token, or seeking its admission to trading, generally must be a legal person, draw up a crypto-asset white paper, notify it to the competent authority and publish it. The white paper must contain prescribed information about the issuer, the project, the crypto-asset, the offer or admission to trading, associated rights and obligations, underlying technology and risks. MiCAR provides exemptions from the Title II white-paper and offer requirements in specified circumstances, inc
Compliance impact
The publication is guidance rather than a new binding rule, but it is a concrete supervisory signal that the AFM may scrutinise informal token launches and social-media marketing for MiCAR breaches. The AFM states that non-compliance may result in warnings, formal directions or fines, and its focus on misleading claims, fraud and market abuse increases conduct, financial-crime and reputational ris
Who is affected
Related regulations
References
AI-generated analysis. May contain errors or omissions — verify with the original AFM source before acting. Full disclaimer.
What the AFM said
Het maken van cryptoactiva is tegenwoordig vaak vrij eenvoudig en binnen enkele minuten geregeld. Maar wie een cryptoactivum aan het publiek wil aanbieden, moet zich houden aan wettelijke Europese regels rond cryptoactiva (MiCAR). De Autoriteit Financiële Markten (AFM) wijst personen die cryptoactiva maken en…
Extract from AFM . Read the full notice at the source for the authoritative text.