The Dutch Central Bank takes a stricter position with respect to the cryptocurrency industry, citing new European Union anti-money laundering (AML) laws.
From January 10, 2020, companies or individuals involved in converting cryptocurrency into fiat currencies or offering crypto deposit services will have to self-register with De Nederlandsche Bank (DNB), DNB reported on Tuesday.
The contract includes companies based outside the Netherlands that serve Dutch citizens, even via the Internet.
"It doesn't matter if they are established in the Netherlands," said a DNB representative at Q&A, adding: "
" Also, providers offering such services from another EU Member State … for example through a website, should shall be registered regardless of whether the provider is already registered in that Member State. "
DNB says that surveillance must comply with the fifth EU Anti-Money Laundering Directive (AMLD 5), which will also come into force. on January 1
The initial registration period will continue six months after the January date. Companies that do not pre-register could be forced to close once the rules come to life, DNB said.
"Therefore, you have to comply with the law during these six months," said DNB. "If, at the time the law goes into effect, you have not applied for registration, you must terminate your service."
In addition, significant shareholders and directors must also be able to demonstrate their ability to assess AMB's DNB
According to AMLD 5, Member States are required to issue crypto regulations that adhere to the policy before January. 10. The interpretation of what regulations should be considered or created is at the discretion of each state, the communication said.
DNB will take into account the previous actions of each company in addition to "the specific function, nature, size, complexity and risk profile of the company, as well as the composition and functioning of the team."
Earlier this spring, the Netherlands Office financial criminal investigations shut down the Bestmixer.io coin mixer, seizing multiple servers in the Netherlands and Luxembourg.
The DNB did not respond to press questions.
Dutch Central B Ank via Shutterstock