Cryptocurrency Companies Operating in the Netherlands will Have to Register with the DNB

Cryptocurrency Companies Operating in the Netherlands will Have to Register with the DNB

The Central Bank of the Netherlands has taken a firmer stance on the issue of cryptocurrency regulation, citing the new European Union anti-money laundering laws (AML).

Starting January 10, 2020, companies or individuals involved in converting cryptocurrencies to fiat or offering crypto deposit services will be required to register with De Nederlandsche Bank (DNB) independently – representatives of the Central Bank said.

“It is irrelevant whether they are established in the Netherlands,” a DNB representative said in a Q&A, adding:

“Also providers that offer such services from another EU member state … for example via a website, must register, regardless of whether the provider is already registered in that member state.”

DNB states that this oversight must comply with the fifth EU Anti-Money Laundering Directive (AMLD 5), which will also enter into force on January 10, 2020.

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