In a major step toward regulatory clarity in Europe’s rapidly evolving crypto landscape, Dutch cryptocurrency platform Finst has officially received its MiCA license from the Dutch Authority for the Financial Markets (AFM).
This makes Finst one of the first Dutch crypto service providers to be authorized under the new European Markets in Crypto-Assets (MiCA) regulation, a landmark framework that is expected to reshape the entire crypto industry across the European Union.
What Is MiCA and Why Does It Matter?
The Markets in Crypto-Assets Regulation, commonly known as MiCA, was adopted by the European Union to establish a unified regulatory framework for crypto asset service providers (CASPs) across all EU member states. Until now, crypto regulation was fragmented: companies had to register separately in each country they operated in and comply with a patchwork of national rules, often facing inconsistent oversight.
MiCA aims to eliminate that fragmentation by introducing a passporting system. This means that once a company is authorized as a CASP in one EU country, it can legally operate across all EU member states without having to go through separate licensing procedures. The result is a single European market for crypto services, something that many in the industry have long awaited.
But MiCA is more than just a harmonization of rules. It also introduces strict consumer protection measures, capital requirements, governance standards, and transparency obligations for crypto platforms, custodians, and token issuers. The goal is clear: weed out bad actors and bring institutional-grade credibility to the European crypto space.
The Dutch Transition from DNB to AFM
Prior to MiCA’s introduction, the Dutch central bank (DNB) was responsible for supervising crypto service providers in the Netherlands. These companies were required to register with DNB and comply with anti-money laundering (AML) rules but did not fall under full financial regulation.
Under MiCA, that responsibility shifts to the AFM, the same financial watchdog that regulates Dutch banks, insurers, and investment firms. A transition period was established, allowing companies to continue operating under the old system until July 1, 2025.
However, with a large number of crypto providers active in the Dutch market, the AFM has struggled to process all applications in a timely manner. Only a few firms, including Bitvavo, BTC Direct, and Amdax have been granted full CASP authorization so far. Coinmerce, Bitonic and other players are still waiting for their license approvals.
With the addition of Finst, the Dutch crypto ecosystem is slowly taking shape under the new MiCA regime.
Europe-Wide Competition Is Heating Up
MiCA is not just a domestic story. It sets the stage for a pan-European competitive landscape. Many large international crypto firms are positioning themselves to capitalize on passporting rights.
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Kraken has obtained its MiCA license in Ireland.
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Coinbase is registered in Luxembourg.
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Bitpanda, Trade Republic, flatexDEGIRO, and N26 are licensed in Germany.
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eToro is authorized in Cyprus, Bitstamp in Luxembourg and OKCoin in Malta.
Interestingly, Binance, the world’s largest crypto exchange, has yet to obtain MiCA authorization anywhere in the EU, a notable absence that could affect its ability to serve European users after the deadline.
The effect is twofold: while Dutch companies like Finst are gaining access to the broader European market, they will also face increased competition from well-capitalized and globally recognized firms entering the local Dutch market under the same MiCA passport.
Finst’s Vision for a Regulated Future
For Finst, securing the MiCA license is both a strategic milestone and a vote of confidence in its long-term mission. Founded with a focus on user experience, low fees, and regulatory compliance, Finst aims to become a leading crypto platform not only in the Netherlands, but across Europe.
“We view MiCAR as a turning point for the European crypto market. It brings the clarity and trust needed for large-scale adoption,” said Julien Vallet, CEO of Finst. “We’re proud to be at the forefront of shaping that future.”
Vallet’s remarks echo a broader sentiment among regulated players: that clear rules encourage responsible innovation and will attract not only retail users but also institutional investors who have so far hesitated due to the lack of regulatory clarity.
What’s Next for MiCA and the Industry?
With the framework in place and the first licenses being issued, the focus now shifts to implementation and enforcement. Regulators will need to build up expertise and resources to monitor CASPs effectively. Meanwhile, companies that delay compliance risk being excluded from the European market once the transition period ends.
For investors and users, MiCA promises more transparency, safety, and accountability in crypto services, especially when it comes to custody of assets, protection against fraud, and access to accurate product information.
While challenges remain, including questions around DeFi, NFTs, and staking services, which are only partially addressed in the current MiCA version, the regulation is widely seen as a step forward for the legitimization of digital assets in Europe.
Bottom Line:
Finst’s successful licensing under MiCA shows how forward-thinking crypto companies can thrive in a regulated environment. As the EU positions itself as a global leader in crypto oversight, firms that embrace compliance and transparency are likely to gain a competitive edge. For investors, it’s a signal that Europe’s crypto market is entering a new, more mature phase. One marked by stability, scale, and safety.
