BLOX has applied for a MiCAR license from the Netherlands Authority for the Financial Markets (AFM) and is working hard to obtain it. Until then, you are still investing outside the supervision of the AFM.

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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

On 30 June 2024, the Markets in Crypto-Assets Regulation, or MiCAR, came into effect within the European Union. A law that ensures that the same rules apply to crypto providers in all EU countries. Handy, because this way you as a user know even better what to expect.

As a crypto asset service provider, BLOX must have a MiCAR license from 1 July 2025. In order to obtain this license, BLOX has submitted a license to the Netherlands Authority for the Financial Markets (AFM). BLOX is currently busy obtaining this license.

As a result of this license, the AFM will monitor whether BLOX complies with the rules, as well as our financial health and whether we properly protect you as a user. BLOX does not yet have a MiCAR license. Until then, you are still investing outside the supervision of the AFM.

In order to protect your interests as a user of BLOX, BLOX has already implemented the necessary measures.

What does MiCAR mean for you?

MiCAR not only brings changes for BLOX, but also for the way we communicate with you. These are the main adjustments you, as a user, will notice:

  • Because the obligations for BLOX have changed, we have adjusted part of our user agreement.
  • We have moved the management and storage of your euros and crypto to a foundation established for this purpose: Stichting BLOX Custody.
  • Your crypto is securely held in the foundation. If something still goes wrong due to an error by BLOX, we will take responsibility and compensate your loss up to the market value of your crypto at that moment.
  • We have stopped offering Staking and Lending. Instead, there is now one yield service (BLOX Verdien) through which you can make your crypto available to a third party in exchange for returns.
  • There is more transparency about how we operate. You have insight into things like our pricing policy, possible conflicts of interest, and how certain cryptos work. We also offer you the possibility to view our custody policy upon request. This way, you better understand where you stand and can continue to make well-informed decisions.
  • The option to trade up to €250 without full ID verification has been removed. That’s why we now verify the identity of all users based on a valid ID.
  • BLOX has a clear complaints procedure, in which your complaints are investigated and handled by our complaints officer in a quick, fair, and consistent manner.
  • Finally, we have published certain information, such as our transaction volumes and rates from transactions carried out 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!