New VASP licensing rules affecting recovery in Netherlands

As of early 2026, the Netherlands has moved to a stricter licensing regime for virtual-asset service providers operating within its borders. That shift matters directly to anyone tracing or freezing stolen crypto that passed through a Dutch-regulated exchange or custodian.

The new rules tighten which VASPs can legally operate in the Netherlands, impose stronger compliance obligations on those that remain, and create a cleaner – but narrower – set of choke points for recovery practitioners. Disclosure orders and freezing applications directed at licensed Dutch VASPs are still available; the key change is that unlicensed operators have effectively been pushed out, redirecting on-chain tracing efforts toward the compliant entities that remain.

This alert covers what changed, who is affected, and what to do now if stolen funds touched a Dutch VASP.

What Changed Under the New Dutch VASP Licensing Regime?

The Netherlands, implementing its obligations under the European Union's Markets in Crypto-Assets framework, has moved from a registration-based model to a full licensing requirement. Licensed VASPs must now meet enhanced anti-money-laundering obligations, maintain auditable records, and respond to lawful authority requests under stricter timelines. Providers that did not obtain a licence by the applicable deadline have ceased legal operation in the Dutch market.

For recovery, the practical effect is two-sided. On one hand, the compliant VASPs that remain are better-equipped to respond promptly to a disclosure order or a freezing application coordinated through local counsel. On the other hand, illicit flows that previously passed through loosely supervised Dutch entities may now route through offshore providers, adding a cross-border step to any tracing exercise.

We have seen this pattern before in other markets that moved from registration to licensing. The choke points narrow, but the ones that remain are more useful.

Who Is Affected by These Changes?

Three groups feel the impact most directly.

• Victims of crypto theft whose funds passed through a Dutch VASP – whether a centralised exchange, a custodial wallet provider, or a crypto-to-fiat ramp – need to know whether that entity still holds a Dutch licence. An unlicensed operator has no continuing legal presence to compel.
• Insolvency practitioners administering estates with digital-asset exposure face the same question: can a disclosure order or a Bankers Trust-style order be directed at the VASP, and is that VASP still within reach of Dutch process?
• Referring lawyers and litigation funders assessing the viability of a crypto-recovery matter in the Netherlands need to factor the post-licensing environment into their cost-benefit analysis. A licensed VASP is a workable respondent; an unlicensed one is not.

If your matter touches the Netherlands and you have not re-assessed the status of any Dutch VASP in the payment trail, now is the time to do so.

What Should You Do Now?

Speed remains the overriding constraint. On-chain tracing must begin before funds are moved to a mixer, converted to privacy-focused tokens, or withdrawn from a licensed exchange to self-custody. Once a VASP has paid out, the leverage that licensing compliance provides is gone.

Practically, the steps are these.

• Confirm VASP status immediately. Establish whether the Dutch VASP through which funds moved holds a current licence. That determination shapes every subsequent step, including whether a disclosure order or a proprietary injunction is the right instrument to seek first.
• Begin on-chain tracing in parallel. Public blockchains are transparent: movement leaves a trail even when identities are concealed. Blockchain-analytics tools can follow funds from the theft wallet to the deposit address at a licensed VASP. That trail is the evidential foundation for any freezing application.
• Instruct local counsel in the Netherlands promptly. We coordinate closely with admitted local counsel in the Netherlands; local procedure governs the filing. A without-notice application for interim relief – whether a domestic freezing injunction or a disclosure order directed at the VASP – requires an advocate admitted before the relevant Dutch court. Timing between instruction and the filing of an urgent application is typically measured in days, not weeks, but that window closes as assets move.
• Preserve all evidence. Wallet addresses, transaction hashes, screenshots of communications, and any account details for the VASP should be secured immediately. Evidence lost in the first 48 hours rarely returns.

Do not assume that because funds left your wallet the trail is cold. That is the most common and most costly misconception we encounter. On-chain tracing is effective precisely because public blockchains are permanent records – and because a licensed, regulated VASP cannot ignore lawful process.

The steps above describe the general pattern. Your matter turns on specific facts: which VASP received the funds, how quickly they moved on, and which courts can act. A confidential case review tells you whether it is worth pursuing.

To assess the viability of tracing and freezing digital assets in the Netherlands, contact info@axiomtracel.com.

For broader context on crypto asset recovery methods and on-chain tracing, see our crypto asset recovery insight hub. For jurisdiction-specific background, visit our Netherlands jurisdiction page. For an example of how tracing proceeds through a compliant offshore exchange can support a freezing application, see our case study on tracing fraud proceeds through Gibraltar.

About Axiom Trace

Axiom Trace is an independent boutique focused on cross-border and crypto asset recovery. We trace assets that have moved across borders or on-chain and coordinate their freezing and recovery – working with defrauded principals, insolvency practitioners, and the lawyers and funders who refer them. We work lawfully and within applicable sanctions regimes, alongside local counsel where proceedings must be filed. In the Netherlands, we coordinate closely with admitted local counsel; local procedure governs the filing. We have followed on-chain trails from theft wallets to licensed VASP accounts across multiple jurisdictions, and we know which choke points hold. To discuss a matter, contact info@axiomtracel.com.

Disclaimer: This publication is for general information only and is not legal advice, nor a promise or prediction of recovery. No outcome is guaranteed. Asset recovery depends on the specific facts and on the law and procedure of each relevant jurisdiction, where local admitted counsel must act. Axiom Trace assumes no liability for actions taken or not taken based on this material. For advice on your situation, contact info@axiomtracel.com.