The Dutch regulator, the AFM, recently published an awareness letter in which it shares the its concerns in respect of the ability of managers (and depositaries) of crypto funds to comply with the AIFMD. In this letter the AFM creates awareness by posing several questions in relation to liquidity management, valuation, the function of a depositary and the product approval and review process. Managers of crypto funds need to be able to answer these questions in an appropriate manner and take these into account when preparing for a license application. The AFM also explicitly asks attention for the anti money laundering requirements. These requirements apply to both licensed AIFMs as well as exempt managers of crypto funds that can offer their services under a light de minimis regime as long as the assets under management do not exceed a certain threshold (or other cumulative provisions can no longer be complied with). For more information please see our blog: Managers of crypto funds – be prepared!