03 September, 2019
The Central Bank of the Netherlands officially announced that the regulation of cryptocurrency companies will begin on January 10, 2020. Companies that do not have time to pass required registration before the rules come into effect will have to stop crypto business operations.
"In concrete terms, firms offering services for the exchange between cryptos and regular money, and crypto wallet providers, must register with De Nederlandsche Bank." - said representatives of the bank.
Cryptocurrency companies in the Netherlands will be regulated in accordance with the Fifth European Union Anti-Money Laundering Directive.
According to the Central Bank, cryptocurrencies are extremely vulnerable to financial crimes, so all companies must comply with the rules of combating money laundering and the financing of terrorism. After registration, the Netherlands Bank will also evaluate board members of cryptocurrency companies and other responsible persons. In addition, the Netherlands Bank will evaluate board members of cryptocurrency companies.