The Dutch Authority for the Financial Markets (AFM) has voiced its concerns regarding crypto advertising and cost information.

The watchdog has warned crypto-asset service providers (CASPs) that anyone who continues to violate the standards for the provision of information should expect enforcement action.

‘We see that some companies are really doing their best, but at the same time too many CASPs are lagging behind. Now is the time for the sector to take responsibility. The period of leniency has ended,’ says Hanzo van Beusekom, executive board member at the AFM.

Under the MiCAR regulation, CASPs must provide ‘fair , clear and not misleading information’ and place information about costs in a prominent place on the website.

For the study, the advertisements and cost information of 33 CASPs were examined. Among the companies examined, significant shortcomings in advertising were found at 14 CASPs, and significant shortcomings in cost information at 19 CASPs.

The Dutch firms concerned will soon receive a supervisory letter. For the ten international firms, the regulator will inform the relevant national regulators of the shortcomings identified.

Many advertisements were insufficiently balanced about the risks. For example, AFM still saw statements referring to ‘safe’ trading in crypto, without further explanation or clarification of the associated risks. For the provision of fair, clear and not misleading information, it is essential that risks are clearly disclosed and not downplayed, especially given the volatility of crypto-assets.

The regulator has also come across some cases where information about costs is not publicly available in a prominent place on the website. Sometimes the information could not be found at all on the website, or could only be found by using external search engines. In other cases, the information was far away from the homepage, meaning consumers had to click several times to find the information.

This study is a follow-up on the study from early 2025, when MiCAR had just come into effect. In the current study, there were several CASPs that were hesitant to engage in marketing activities or did not have any marketing communications in the period under review, due to the necessary mitigation measures after the end of the transitional period on 30 June 2025. When these CASPs resume their marketing activities, it is essential that they ensure that the information they provide, including in advertising, complies with MiCAR standards.