ABN AMRO Launches MiCAR-Approved Crypto Services, Executes First SDC Trade

ABN AMRO, one of Europe's largest financial institutions, has made a significant move into the digital asset space by securing regulatory approval under the EU's Markets in Crypto-Assets Regulation (MiCAR). The Dutch bank's German subsidiary, Hauck Aufhäuser Digital Custody, received authorisation from Germany's financial regulator BaFin on December 26, 2025. This marks a key milestone for the bank's digital innovation strategy, allowing it to offer crypto custody and trading services to institutional clients across the EU.

In a parallel development, ABN AMRO and DZ BANK executed the first international over-the-counter (OTC) Smart Derivative Contract (SDC) trade. The blockchain-powered transaction automated settlement, valuation, and collateral management on-chain, demonstrating the potential of decentralized technology to transform traditional financial workflows.

The MiCAR framework, which came into effect on December 30, 2024, provides a harmonized regulatory environment for crypto-asset services across the EU. With its passporting rights, Hauck Aufhäuser Digital Custody can now extend its services to other EU member states, accelerating ABN AMRO's expansion into the digital asset market.

MiCAR Approval and Strategic Expansion

ABN AMRO's subsidiary, Hauck Aufhäuser Digital Custody, has become one of the first firms to gain MiCAR approval. This regulatory endorsement enables the company to manage and safeguard crypto assets on behalf of institutional clients. The approval from BaFin is a critical step in ABN AMRO's broader plan to offer digital asset services in a regulated, scalable manner across Europe.

By leveraging the passporting mechanism under MiCAR, the bank can now offer its services without the need for additional country-specific authorisations. This not only streamlines regulatory compliance but also positions ABN AMRO to meet growing demand from institutional clients seeking secure and transparent digital asset solutions.

Blockchain-Driven Derivatives Revolution

Beyond custody services, ABN AMRO has also pushed the boundaries of blockchain technology in derivatives trading. In partnership with DZ BANK, it executed the first international OTC SDC trade, which utilized a smart contract framework to automate key aspects of the trade lifecycle.

The SDC trade ran live for 10 days, with daily payments processed via SEPA and confirmed back to the smart contract. This process significantly improved transparency and operational efficiency while reducing the risk of collateral disputes. By using pre-agreed market data and interest rate curves, the trade eliminated many of the complexities associated with traditional OTC derivatives.

Leadership Perspectives and Strategic Vision

ABN AMRO's leadership emphasized the importance of these developments in shaping its long-term digital strategy. Yorick Naeff, Head of Innovation, stated that the MiCAR approval and the execution of the first SDC trade demonstrate the bank's commitment to embedding digital innovation into its offerings. The bank aims to deliver premium solutions to institutional clients, reinforcing its growth ambitions across Europe.

Dr. Miguel Vaz, General Manager of Hauck Aufhäuser Digital Custody, highlighted that the MiCAR license provides the regulatory foundation needed to expand the company's digital asset services. He added that the subsidiary will continue to build on this foundation in collaboration with business partners as the regulatory framework evolves.

Matthias Bergner, Head of Treasury at DZ BANK, noted that the SDC trade sets a new standard for digital settlement of OTC derivatives. He emphasized that the approach creates a blueprint for fully digital financial instruments, reducing counterparty risks and unlocking new value for market participants.

Implications for the Financial Sector

The successful execution of the SDC trade and the MiCAR approval send a clear signal to the financial sector about the growing importance of blockchain and smart contracts in institutional markets. These technologies have the potential to streamline processes, reduce operational costs, and enhance transparency.

For institutional investors and financial intermediaries, the adoption of SDCs could lead to more efficient collateral management and faster settlement times. This is particularly relevant in the context of increasing regulatory scrutiny and the need for greater risk mitigation in OTC derivatives trading.

What Analysts Are Watching

Industry observers are closely monitoring how ABN AMRO's initiatives will influence broader adoption of blockchain-based financial products. The successful execution of the first SDC trade suggests that traditional financial institutions are increasingly embracing digital innovation.

Analysts are also watching whether other banks will follow suit in securing MiCAR approvals and integrating blockchain into their trading infrastructures. The regulatory environment in the EU is evolving rapidly, and early adopters like ABN AMRO are likely to gain a competitive edge.