A persistent claim across crypto-banking comparison sites and industry coverage is that Bitvavo received MiCA CASP authorisation from the Dutch central bank (De Nederlandsche Bank, DNB) in 2024, before the December 2024 effective date of the EU framework. The claim is wrong on two specific factual points: the issuing regulator and the date.
The corrected facts
Bitvavo received MiCA CASP authorisation in June 2025, issued by the Autoriteit Financiële Markten (AFM) — the Dutch financial-conduct regulator, not the central bank. Bitvavo's pre-MiCA Dutch authorisation (the legacy DNB VASP register) had been in place since 2020 under the AML framework (Wwft); that older registration was the basis for the firm's operating history but is a separate regulatory artefact from MiCA CASP.
The MiCA framework came into force across the EU on 30 December 2024 with an 18-month transition period for incumbent VASPs. AFM began issuing CASP authorisations to applicants who completed the transition assessment from early 2025 onward; Bitvavo's June 2025 authorisation was one of the early — not the earliest — Dutch CASP licences. The "2024" claim conflates the framework's effective date with the firm's authorisation date.
Why the regulator distinction matters
AFM and DNB have different supervisory remits in the Dutch framework. AFM is the conduct regulator — focused on market integrity, customer protection, disclosures, and the day-to-day operations of financial firms. DNB is the prudential regulator — focused on capital adequacy, reserves, and systemic stability of credit institutions and EMIs. MiCA CASP authorisation is a conduct licence, so it correctly sits with AFM. EMI authorisation for stablecoin issuance under MiCA Title III + III-bis sits with DNB. The two are complementary, not duplicative — but they are not interchangeable. Citing "DNB MiCA authorisation" is the regulatory equivalent of citing "the wrong agency."
What this changes about the EU landscape
Three small corrections downstream:
One — AFM is now the de-facto MiCA passporting hub. AFM's pace of CASP issuance and the high-profile reference of Bitvavo's June 2025 licence have made AFM the EU national competent authority that other crypto firms most often cite as their target regulator. Coinbase Europe (CySEC), Kraken EU (CySEC), and Crypto.com Europe (MFSA) all hold MiCA via different national regulators; the AFM track has become the default reference for new Dutch entrants.
Two — the "first MiCA-licensed exchange" framing was over-simplified. Several firms held national pre-MiCA crypto authorisations (DNB Wwft register, BdE Spain, BaFin Germany, AMF France PSAN) by 2024. MiCA CASP authorisation is a separate licence; the industry race to be "first" was confused by the overlap between national pre-MiCA registers and the new EU framework. Bitvavo was an early CASP-licensed exchange but not the earliest.
Three — the EMI/CASP split is real. A platform holding an AFM CASP licence does not automatically have authority to issue stablecoins; a separate DNB EMI authorisation is required for that. This matters when comparing Bitvavo (CASP only) against e.g. Société Générale's SG-FORGE EURCV (EMI plus DLT trading-venue licence in France).
Source trail
AFM publishes the live MiCA CASP register at afm.nl; Bitvavo's entry is searchable there. The DNB Wwft register (legacy, now closed to new entrants) is at dnb.nl. The MiCA framework text (Regulation (EU) 2023/1114) defines the EU-wide framework that came into force on 30 December 2024. Original sources should always be preferred over secondary press coverage when verifying licensing claims.
Further reading
- Bitvavo review — current rating + score breakdown
- Best crypto banks for Netherlands — Dutch country-page coverage with AFM framing
- Nexo MiCA submission — comparable EU regulatory-timeline coverage
- Methodology — how regulatory safety is weighted in our score