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MiCAR: What is it and what does it mean for you?

You may have already heard about it: MiCAR, the new European law for crypto. It sounds like a big step, and it is. But what exactly does it entail, and what does it mean for you as a BLOX user? We’re happy to explain.

Markets in Crypto-Assets Regulation

BLOX B.V. is registered with De Nederlandsche Bank (DNB) as a provider of crypto services under the Dutch Anti-Money Laundering and Anti-Terrorist Financing Act. This legal requirement is an important first step in regulating the crypto market.

On 30 June 2024, the Markets in Crypto-Assets Regulation — or MiCAR — came into effect within the European Union. This regulation ensures the same rules apply to crypto providers across all EU countries. That’s useful, because it gives you, the user, more clarity and certainty.

Under the new MiCAR rules, BLOX will soon need a license from the Dutch Authority for the Financial Markets (AFM). This license goes a step beyond the registration we currently have. It means the AFM will monitor not only whether BLOX complies with the rules but also whether we are financially sound and whether we properly protect you as a user.

What does MiCAR mean for you?

MiCAR brings changes not only for BLOX but also for how we communicate with you. These are the key changes you’ll notice as a user:

  • As BLOX’s obligations change, we’re updating part of our user agreement. You’ll receive the revised version from us at the beginning of June.
  • The management and storage of your euros and crypto will be transferred to a dedicated foundation: Stichting BLOX Custody. BLOX aims to complete this transition by 30 June 2025 at the latest.
  • Your crypto will be safely held within the foundation. If something goes wrong due to an error on BLOX’s part, we’ll take responsibility and reimburse you up to the market value of your crypto at that time.
  • We are discontinuing our Staking and Lending services. Instead, we will introduce one yield-generating service — BLOX Earn — where you can make your crypto available to a third party in exchange for returns.
  • There will be more transparency around how we operate. You’ll gain insight into our pricing policy, potential conflicts of interest, and how certain cryptocurrencies work. You’ll also be able to request our custody policy, which will help you make better-informed decisions.
  • The option to trade up to €250 without full ID verification has been removed. As a result, we now verify every user’s identity using a valid ID document.
  • We’re introducing a clear complaints procedure. Our complaints officer will review and handle your concerns promptly, fairly, and consistently.
  • Finally, we’ll publish certain information such as our transaction volumes and the prices of transactions executed by BLOX.

We’ll keep you informed

You don’t need to take any action right now. We’ll ensure a smooth transition and keep you updated every step of the way. Each change will be clearly explained, including what it means for you.

Do you have questions or want to learn more? Don’t hesitate to contact us, we’re happy to help!