Regulator · Netherlands

Authority for the Financial Markets (AFM): register, licences and requirements

The Netherlands Authority for the Financial Markets (AFM) is the Dutch conduct-of-business supervisor, working alongside De Nederlandsche Bank in a "Twin Peaks" model. It authorises crypto-asset service providers under MiCA, investment firms under MiFID II, fund managers and European crowdfunding service providers. Application fees are charged at EUR 200 per hour up to statutory caps, such as EUR 100,000 for a CASP or an investment firm, and applicants can use the AFM CASP Pre-Scan and the joint AFM-DNB InnovationHub.

Last verified 2026-09-24Markdown · Data (CC BY 4.0)
Authority for the Financial Markets: regulatorAFM

How to check a firm on the AFM register

The AFM keeps its registers online at afm.nl/en/sector/registers. Search by company name, statutory seat or Chamber of Commerce (KvK) number, or filter by licence type. Separate registers cover crypto-asset service providers (cryptopartijen), investment firms (beleggingsondernemingen), collective investment schemes and fund managers (beleggingsinstellingen / AIFMD), and crowdfunding platforms, and each one can be downloaded whole as an Excel (.xlsx) or CSV file. A record shows authorisation status, the licensed services, any cross-border passport notifications, and the firm's regulatory reference number.18

At a glance

Official nameAuthority for the Financial Markets (Autoriteit Financiële Markten)
JurisdictionNetherlands
TypeConduct regulator
HeadquartersAmsterdam1
Founded20022
Websiteafm.nl3
Public registerOfficial public register4
Licence types in the Atlas5

What AFM supervises

The Autoriteit Financiële Markten (AFM) is the Netherlands' autonomous conduct-of-business supervisory authority (zelfstandig bestuursorgaan - ZBO), operating under the political responsibility of the Minister of Finance. Established on 1 March 2002 as the successor to the Securities Board of the Netherlands (STE) under the Financial Supervision Act (Wet op het financieel toezicht - Wft), the AFM is mandated to promote fair, transparent, and orderly financial markets, safeguard consumer and investor protection, ensure financial integrity, and oversee market conduct across savings, loans, investments, insurance, crypto-assets, and capital market infrastructures.3

  • Crypto-asset service providers (CASPs) and crypto-asset offerings under Regulation (EU) 2023/1114 (MiCA)23
  • Investment firms (beleggingsondernemingen), portfolio managers, and investment advisers under Wft Article 2:96 and MiFID II (Directive 2014/65/EU)24
  • Alternative Investment Fund Managers (AIFMs) and Undertakings for Collective Investment in Transferable Securities (UCITS / ICBE) under Wft Chapter 2, Directive 2011/61/EU (AIFMD), and Directive 2009/65/EC (UCITS)21
  • European Crowdfunding Service Providers (ECSPR) under Regulation (EU) 2020/150312
  • Trading venues (Euronext Amsterdam regulated market, Multilateral Trading Facilities / MTFs, Organised Trading Facilities / OTFs), benchmark administrators, and Data Reporting Services Providers (DRSPs) under MiFIR (Regulation (EU) No 600/2014) and Wft18
  • Financial service intermediaries, credit and insurance brokers, consumer lending providers, and mortgage advisers under Wft Chapter 418
  • Dutch Twin Peaks demarcation with De Nederlandsche Bank (DNB): DNB handles prudential supervision (solvency, capital adequacy, liquidity, systemic stability) of banks, insurers, payment institutions (PI), and electronic money institutions (EMI), and issues Declarations of No Objection (VVGB) under Wft Article 3:95; the AFM exercises conduct-of-business supervision, market transparency, consumer protection, and conducts direct licensing for CASPs, investment firms, AIFMs, and crowdfunding platforms.6

Licences AFM issues

Lesser-known services for applicants

Available

Pre-application meeting / pre-assessment

The AFM's main pre-application route is the CASP Pre-Scan for prospective crypto-asset service providers. Applicants prepare a slide deck answering the AFM's pre-scan questionnaire, covering business model, governance, ICT resilience, AML and planned crypto services, for an informal one-hour meeting with the AFM's supervisory team to flag regulatory issues before formal submission (contact: crypto@afm.nl). Prospective applicants under the EU DLT Pilot Regime can arrange a similar exploratory meeting (contact: Markttoegang_AM@afm.nl).5

Available

Innovation hub

The AFM and De Nederlandsche Bank (DNB) operate the joint InnovationHub, established in June 2016, providing an informal regulatory information desk for innovative fintechs and established financial institutions with novel business models to discuss supervision questions, regulatory perimeter questions, and licensing requirements, with an initial response target within two business days.6

Available · statutory

Regulatory sandbox

The Netherlands does not operate an open domestic regulatory sandbox granting legislative waivers or exemptions from general financial regulation. However, the AFM and DNB actively implement the EU DLT Pilot Regime (Regulation (EU) 2022/858), allowing financial market participants to test distributed ledger technology for trading venues (DLT MTF), settlement systems (DLT SS), and trading and settlement systems (DLT TSS) under temporary statutory exemptions from MiFIR and CSDR requirements.7

Application portal: AFM Portaal (portaal.afm.nl) serves as the secure digital platform for regulated entities to submit licensing applications, report corporate changes, file regulatory returns, manage user authorizations, and communicate directly with supervisors.8

Fee schedule: Statutory application fees are established under the Besluit bekostiging financieel toezicht 2019 (Bbft 2019, Bijlage 2) at an hourly rate of EUR 200 per supervisory hour worked up to statutory category caps (EUR 100,000 for CASP and investment firms, EUR 75,000 for ECSPR crowdfunding), while annual supervisory levies are set annually by the Ministry of Finance under the Regeling bekostiging financieel toezicht.9

Compare with other regulators: pre-application meetings · sandboxes and innovation hubs.

Statistics

Number of licence holders by licence typeCrypto-Asset Service Provider 20Fund manager licence1,254
Current licence holders in the official register1921
  • 245 domestic Dutch investment firms licensed under Wft Article 2:96 and MiFID II, out of 1,458 total registered investment entities (AFM official register, 2026-09-24)20
  • 1,254 registered Collective Investment Schemes (UCITS / ICBE) fund entries in the Netherlands (AFM official register, 2026-09-24)21
  • EUR 153.3 million total annual ongoing supervisory market contribution for 2026 (EUR 175.5 million budgeted gross costs)25

Fees and timelines

LicenceFeeAmount
Crypto-Asset Service Provider (CASP) authorisation under Regulation (EU) 2023/1114 (MiCA)applicationEUR 200 per hour worked by the AFM, with a statutory maximum cap of EUR 100,000 for MiCA Art. 62/63 authorisations (Bbft 2019 Bijlage 2, code EU.A1.08), EUR 50,000 cap for Art. 60 notifications (code EU.A3.08), plus EUR 700 per person for integrity assessment and EUR 2,900 for suitability assessment (or EUR 1,500 / EUR 500 if previously assessed by DNB)10
Crypto-Asset Service Provider (CASP) authorisation under Regulation (EU) 2023/1114 (MiCA)annualEUR 8,000 base supervisory levy plus a turnover-based component and service modules under Regeling bekostiging financieel toezicht 2026: custody EUR 4,250; trading platform EUR 4,250; crypto-fiat exchange EUR 2,125; crypto-crypto exchange EUR 2,125; order execution EUR 4,250; placing EUR 2,125; reception/transmission EUR 2,125; advice EUR 4,250; portfolio management EUR 6,375; transfer services EUR 4,25011
Investment firm licence (Vergunning beleggingsonderneming) under Wft Article 2:96 and MiFID IIapplicationEUR 200 per hour worked by the AFM, with a statutory maximum cap of EUR 100,000 for investment firm licences under Wft Art. 2:96 (Bbft 2019 Bijlage 2, code Wft.A1.18); MTF/OTF operation max EUR 100,000 (code Wft.A2.12); licence variation max EUR 50,000 (code Wft.A3.12); plus EUR 700 per person integrity and EUR 2,900 suitability vetting9
Investment firm licence (Vergunning beleggingsonderneming) under Wft Article 2:96 and MiFID IIannualEUR 0 base amount plus per-service modules under Regeling bekostiging financieel toezicht 2026 (e.g. reception/transmission of orders EUR 3,335, order execution EUR 10,001, portfolio management EUR 13,337, advice EUR 10,001) and a variable turnover-based component11
Alternative Investment Fund Manager (AIFM) licence under Wft Article 2:65 and Directive 2011/61/EUapplicationEUR 200 per hour worked by the AFM, with a statutory maximum cap of EUR 100,000 for AIFM licences under Wft Art. 2:65 (Bbft 2019 Bijlage 2, code Wft.A1.05); UCITS manager licence max EUR 100,000; plus person assessments (EUR 700 integrity, EUR 2,900 suitability)9
Alternative Investment Fund Manager (AIFM) licence under Wft Article 2:65 and Directive 2011/61/EUannualEUR 9,720 base supervisory levy under Regeling bekostiging financieel toezicht 2026 (Artikel II, category 6), plus variable contribution based on balance sheet total of managed funds11
European Crowdfunding Service Provider (ECSPR) authorisation under Regulation (EU) 2020/1503applicationEUR 200 per hour worked by the AFM, with a statutory maximum cap of EUR 75,000 for ECSPR authorisation under Regulation (EU) 2020/1503 Art. 12 (Bbft 2019 Bijlage 2, code EU.A1.07); plus EUR 700 integrity and EUR 2,900 suitability assessment per board member / 20%+ qualifying shareholder12
European Crowdfunding Service Provider (ECSPR) authorisation under Regulation (EU) 2020/1503annualBase supervisory levy plus variable component under the Regeling bekostiging financieel toezicht 2026 and Wbft 201913
Time to licence: statutory 3-3 months, observed 5-5 monthsStatutory3 monthsObserved5 months
Time to a decision for Crypto-Asset Service Provider (CASP) authorisation under Regulation (EU) 2023/1114 (MiCA): statutory deadline vs observed.
LicenceStatutory deadlineObserved
Crypto-Asset Service Provider (CASP) authorisation under Regulation (EU) 2023/1114 (MiCA)25 working days completeness assessment from receipt, followed by 40 working days decision period once complete (Regulation (EU) 2023/1114 Art. 63)14At least 5 months in practice, often longer: 'even in a best-case scenario it will take at least five months. In practice, it will often take longer.'15
Investment firm licence (Vergunning beleggingsonderneming) under Wft Article 2:96 and MiFID II13 weeks from receipt of a complete application under Wft Article 1:102, extendable while the AFM requests supplementary information16not published
Alternative Investment Fund Manager (AIFM) licence under Wft Article 2:65 and Directive 2011/61/EU26 weeks from receipt of a complete application under Wft Article 1:102, a deviation from the general 13-week decision period for AIFM manager licences17not published
European Crowdfunding Service Provider (ECSPR) authorisation under Regulation (EU) 2020/150325 working days completeness assessment from receipt, followed by 3 months decision period once complete (Regulation (EU) 2020/1503 Art. 12(8))12not published

Changing the owner of a licensed firm

Prior approval required. In the Netherlands' Twin Peaks supervisory architecture, change of control and qualifying holdings (gekwalificeerde deelnemingen) are strictly regulated. A qualifying holding means a direct or indirect holding of at least 10%, 20%, 33% (or 30%), or 50% of voting rights or capital, or the ability to exercise significant influence or control. Anyone proposing to acquire, increase or divest such a holding in an investment firm or fund manager governed by the Wft must obtain a prior Declaration of No Objection (Verklaring van geen bezwaar - VVGB) from De Nederlandsche Bank (DNB) under Wft Article 3:95, with DNB consulting the AFM on conduct-of-business aspects. For crypto-asset service providers (CASPs) under Regulation (EU) 2023/1114 (MiCA Article 83), proposed acquisitions of qualifying holdings require prior assessment and approval by the competent supervisor (AFM charges EUR 2,400 per assessment under Bbft 2019 code EU.D1.07). The statutory assessment period is 60 working days from written acknowledgement of receipt of a complete filing, interruptible once by up to 20 or 30 working days if additional information is required from the proposed acquirer.26

Buying a company that already holds one of these licences is often faster than applying. See ready-made licensed companies · crypto digital assets.

Laws AFM applies

Recent and upcoming changes

  • 2025-06-30: Expiration of the Netherlands' 6-month MiCA transitional/grandfathering period under Article 143(3), shorter than the EU maximum of 18 months15
  • 2026-06-16: Entry into force of the Regeling bekostiging financieel toezicht 2026 (Staatscourant 2026, nr. 20792, published 2026-06-15)11
  • 2025-01-17: EU Digital Operational Resilience Act (DORA, Regulation (EU) 2022/2554) took effect across the Netherlands, imposing harmonised ICT risk management, incident classification, and digital operational testing obligations on all AFM-supervised financial entities.27
  • 2024-12-30: Full application of EU MiCA Titles V & VI (Regulation (EU) 2023/1114), establishing the AFM as the Dutch competent authority for CASP authorization and conduct supervision.14
  • 2023-03-23: Entry into application of the EU DLT Pilot Regime (Regulation (EU) 2022/858), enabling the AFM and DNB to grant temporary statutory exemptions from MiFIR and CSDR for blockchain trading and settlement systems.7

Contacts and public register

Address: Vijzelgracht 50, 1017 HS Amsterdam, The Netherlands (Postal: P.O. Box 11723, 1001 GS Amsterdam, The Netherlands)1
Website: afm.nl3

Check whether a firm is licensed: official register4 · official register18 · official register19 · official register20 · official register21 · official register22.

Working with Protegra

From Protegra: CASP license in the Netherlands.

Frequently asked questions

How are crypto-asset service providers (CASPs) regulated by the AFM in the Netherlands?

Under Regulation (EU) 2023/1114 (MiCA), the AFM is the competent authority for licensing and supervising CASPs providing crypto-asset services in or from the Netherlands. Since the expiration of the national transitional grandfathering regime on 30 June 2025, all firms operating crypto services must hold a full MiCA authorisation under Article 63 or have submitted an Article 60 notification as an authorised credit institution or investment firm. Applications incur an hourly assessment fee of EUR 200 (capped at EUR 100,000 for Art. 62/63 authorisations and EUR 50,000 for Art. 60 notifications), plus integrity and suitability vetting fees.

What is the division of supervisory responsibilities between the AFM and DNB under the Dutch Twin Peaks model?

The Netherlands operates a strict Twin Peaks regulatory architecture. De Nederlandsche Bank (DNB) is the prudential supervisor responsible for macroprudential stability, capital adequacy, solvency, and liquidity of banks, insurers, pension funds, payment institutions (PIs), and electronic money institutions (EMIs). The AFM is the conduct-of-business supervisor responsible for market integrity, fair and orderly trading, conduct of business, investor and consumer protection, financial reporting disclosures, and primary licensing for CASPs, investment firms, AIFMs, and crowdfunding platforms. For qualifying holdings in Wft institutions, DNB issues Declarations of No Objection (VVGB) in consultation with the AFM.

How are financial supervision fees structured in the Netherlands?

Dutch financial supervision is funded entirely by the financial sector under the Wet bekostiging financieel toezicht 2019 (Wbft 2019) and Besluit bekostiging financieel toezicht 2019 (Bbft 2019). Application fees are charged on an hourly basis at EUR 200 per supervisory hour worked, subject to statutory caps (e.g. EUR 100,000 for CASP and investment firms, EUR 75,000 for ECSPR). Ongoing annual supervision is funded through a fixed base levy (e.g. EUR 8,000 for CASPs) plus variable contributions based on turnover, managed assets, balance sheet total, or licensed service modules set annually in the Regeling bekostiging financieel toezicht.

Does the AFM offer pre-application support or a regulatory sandbox for fintechs?

Yes. The AFM runs a CASP Pre-Scan, where crypto applicants present their business model and compliance approach in an informal meeting with supervisors before formal submission. The AFM and DNB also run the InnovationHub, answering fintech innovators within two business days. The Netherlands has no open domestic sandbox waiving financial legislation, but the AFM and DNB run the statutory EU DLT Pilot Regime (Regulation (EU) 2022/858) for blockchain infrastructure.

What regulatory approvals are required for a change of control in a Dutch regulated financial entity?

Acquiring or increasing a direct or indirect qualifying holding (reaching or exceeding 10%, 20%, 33%, or 50% of capital or voting rights, or gaining significant influence) in a Dutch Wft-regulated entity requires a prior Declaration of No Objection (Verklaring van geen bezwaar - VVGB) issued by De Nederlandsche Bank (DNB) under Wft Article 3:95 in consultation with the AFM. For CASPs under MiCA (Article 83), qualifying holding assessments are handled directly under the MiCA procedure by the competent supervisor. The statutory review period is 60 working days from written acknowledgement of receipt of a complete application.

How can one verify whether a financial or crypto institution is authorised in the Netherlands?

The AFM publishes public registers on its website (afm.nl/en/sector/registers), including separate registers for crypto-asset service providers (cryptopartijen), investment firms (beleggingsondernemingen), collective investment schemes and fund managers (beleggingsinstellingen), and crowdfunding platforms. Users can search by entity name or KvK number, or download complete datasets in Excel format detailing authorised services, date of entry, statutory seat, and European cross-border passporting rights.

Last verified 2026-09-24Author Danil Marmysh, Founder & CEO, ProtegraReviewed by Anastasia Sidorenkova, Head of Licensing, ProtegraReport an errorReference information, not legal advice.

Sources

  1. afm.nl: contact · retrieved 2026-09-24
  2. en.wikipedia.org: Netherlands Authority for the Financial Markets · secondary · retrieved 2026-09-24
  3. afm.nl · retrieved 2026-09-24
  4. afm.nl: registers · retrieved 2026-09-24
  5. afm.nl: casp pre scan · retrieved 2026-09-24
  6. afm.nl: innovationhub afm dnb · retrieved 2026-09-24
  7. afm.nl: dlt pilot regime · retrieved 2026-09-24
  8. portaal.afm.nl · retrieved 2026-09-24
  9. wetten.overheid.nl: BWBR0041647 · retrieved 2026-09-24
  10. afm.nl: kosten · retrieved 2026-09-24
  11. zoek.officielebekendmakingen.nl: stcrt 2026 20792 · retrieved 2026-09-24
  12. afm.nl: vergunning aanvragen · retrieved 2026-09-24
  13. wetten.overheid.nl: BWBR0041548 · retrieved 2026-09-24
  14. EUR-Lex: CELEX 32023R1114 · retrieved 2026-09-24
  15. afm.nl: casp vergunning · retrieved 2026-09-24
  16. maxius.nl: artikel2:97 · secondary · retrieved 2026-09-24
  17. maxius.nl: artikel1:102 · secondary · retrieved 2026-09-24
  18. afm.nl: vergunningenregisters · retrieved 2026-09-24
  19. afm.nl: cryptopartijen · retrieved 2026-09-24
  20. afm.nl · retrieved 2026-09-24
  21. afm.nl: beleggingsinstellingen · retrieved 2026-09-24
  22. afm.nl · retrieved 2026-09-24
  23. afm.nl: cryptopartijen · retrieved 2026-09-24
  24. afm.nl: vereisten en vergunningen · retrieved 2026-09-24
  25. afm.nl: toelichting op tarieven · retrieved 2026-09-24
  26. wetten.overheid.nl: BWBR0020368 · retrieved 2026-09-24
  27. EUR-Lex: CELEX 32022R2554 · retrieved 2026-09-24

Applying to AFM, or buying a firm it licenses?

Tell us your business model and target markets. We check the fit before you spend on an application, then handle the licence end to end.

A free preliminary assessment: we check your business model against the licence before you spend on an application. We handle this licence and any other fintech licence, including jurisdictions the Atlas does not cover yet.