AFM reminds crypto token creators of MiCAR duties before public offers

The Netherlands Authority for the Financial Markets (AFM) on 6 November 2026 reminded people creating and publicly offering crypto-assets, including memecoins, that they must comply with the EU Markets in Crypto-Assets Regulation (MiCAR). The AFM notice says tokens can now be created within minutes through online platforms, but that technical ease does not remove the legal duties attached to a public offer.

The AFM says only a legal person may offer crypto-assets, making public offers by private individuals prohibited. A white paper must generally be prepared, notified and published. Advertising must be correct, clear and non-misleading, consistent with the white paper and recognisable as advertising, including when published on websites or social media.

Duties before a public offer

The AFM says it has seen indications that people creating and offering tokens, including memecoins, are not always aware of the applicable rules. It considers such assets particularly susceptible to deception, fraud and market abuse.

Hanzo van Beusekom, an AFM director, said in a translated statement that launching a crypto-asset can take minutes, but “that accessibility must not be confused with being non-binding”. Providers should familiarise themselves with the rules before making an offer and take responsibility for the information given to consumers.

If the AFM finds that the legal requirements are not met, it may take enforcement action. Depending on the circumstances, the authority says this can include warnings, instructions or fines.

Consumer-facing claims remain in scope

The AFM is also urging consumers to investigate a token before investing.

Consumers should be particularly cautious about unrealistic promises and social-media messages focused on making a quick profit. The AFM considers crypto trading risky and advises consumers to use only money they can afford to lose.

The warning fits a wider AFM pattern of combining supervisory messages with enforcement. In September, the authority highlighted continuing shortcomings in anti-money laundering and sanctions controls among Dutch light fund managers. In August, it fined Vodafone Financial Services over irresponsible consumer credit granted after a software error bypassed affordability checks, according to the AFM's announcement.

For token creators, the immediate compliance task is therefore to establish the legal-person status of the provider, prepare and notify the required white paper where applicable, publish it and align every website and social-media claim with that document.