AFM Directs Euronext Amsterdam Over CSD Access Rule Violations

The Dutch Authority for the Financial Markets (AFM) issued a formal directive to Euronext Amsterdam N.V. on 12 November 2025 for breaching rules on open access for central securities depositories (CSDs). This enforcement action underscores the regulatory focus on fair and transparent market infrastructure, a principle that also applies to digital asset trading venues. For firms using crypto accounting software, staying abreast of such regulatory developments is crucial for maintaining compliance and audit readiness.

Background of the AFM Directive

European legislation requires trading platforms to grant CSDs non-discriminatory and transparent access to their transaction flows. The AFM found that certain changes to Euronext's settlement model, initially announced, imposed conditions that violated this obligation. Euronext has since withdrawn those conditions, complying with the directive. This case highlights how regulatory bodies enforce market access rules to ensure a level playing field.

Implications for Crypto Trading Platforms

While this directive specifically targets a traditional securities exchange, the underlying principles extend to crypto asset trading platforms. MiCA and other EU regulations mandate similar access and transparency requirements for crypto trading venues. Firms that operate or audit such platforms must ensure their crypto bookkeeping software captures all relevant transaction data to demonstrate compliance. The AFM's action serves as a reminder that regulators are vigilant about market access rules.

How Crypto Accounting Software Supports Compliance

For accounting firms and finance teams, the Euronext case reinforces the need for robust digital asset accounting software. Such tools can track transaction flows, reconcile data from multiple sources, and generate reports that prove adherence to access rules. A crypto accountant using best crypto accounting software can efficiently monitor compliance across exchanges and CSDs. Enterprise crypto accounting software offers advanced features like automated reconciliation and audit trails, which are essential for meeting regulatory scrutiny.

Role of the Crypto Sub-Ledger

A crypto sub-ledger is a critical component for firms dealing with digital assets. It provides a granular view of all transactions, enabling verification of access conditions and settlement processes. By integrating a sub-ledger with crypto accounting software, firms can ensure that every transaction is recorded accurately and transparently, aligning with regulatory expectations similar to those enforced by the AFM.

Illustrative Scenario

To illustrate how this applies in practice, consider the following scenario: A Dutch crypto trading platform, CryptoExchange NL, is audited by an accounting firm using CryptaCount. The platform must demonstrate that it grants non-discriminatory access to multiple CSDs. The auditor uses CryptaCount's crypto bookkeeping software to pull transaction data and verify that access conditions are met. The software's automated reports show full compliance, saving time and reducing risk. The platform avoids regulatory penalties and gains trust from regulators and clients.

Source: AFM Netherlands