Coindesk Reports on Dutch Crypto Regulation, Facebook Libra Might Be Licensed as Swiss Payment System and 40% of Millennials Look to Crypto in a Recession
Here is your daily overview of interesting, important and market moving cryptonews.
Coindesk Reports on Dutch Crypto Regulation
The current legislation before the Dutch House of Representatives will not only force domestic companies to register with the central bank, but foreign entities will also not be allowed to conduct services within the country without registering with the Dutch government. The legislation addresses the fifth EU Anti-Money Laundering Directive (AMLD 5).
Crypto2Cash founder PJ Datema told CoinDesk bad actors won’t be able to live up to the DNB standards, helping mature the market with their exit.
“It’s a really nice step. I’m not saying they are embracing crypto. [But] we are finally moving forward after a long period of silence,” Datema said. “It’s good they are taking action. If we want the market to mature and the participants to evolve… you want anti-money laundering (AML) and proper know your customer (KYC),” he continued.
For now, questions abound such as how the final legislation will look, how the DNB will enforce it, and how international players can operate within the Netherlands.
“With one parliament in Brussel, you would assume you would role out one set of rules for Europe,” Datema concluded.
Facebook Libra Is Seeking to Register as a Payment System in Switzerland
The company set up to run Facebook’s Libra cryptocurrency project is seeking to apply for licensing as a payment system in Switzerland.
Swiss financial regulator FINMA said this project would fall under financial market infrastructure regulation and, as currently planned, “would require a payment system licence from FINMA.”
Regulators globally have been raising concerns that Libra would raise the risk of money laundering via its global cryptocurrency available to billions of Facebook users. Just yesterday, U.S. Treasury official Sigal Mandelker said Facebook’s Libra must meet the highest standards of regulatory compliance prior to any launch.
FINMA and Global money-laundering watchdog the Financial Action Task Force (FATF) will both look at all potential risks associated with Libra becoming a Swiss payment system.
40% of Millennials Look to Crypto in the Event of Recession
Multi-asset investment platform and social network eToro cited a survey on generational investment conducted among 1,000 online investors in the United States.
The survey found that more than two-thirds of U.S.-based investors are afraid of a recession. Among survey participants, 40% of millennials said that they would prefer to invest in crypto assets if a recession occurs, while 50% of Gen Z said they would choose real estate.
“We believe that if a recession were to occur, we’d see shrinking stock portfolios and growth in other asset classes like crypto […]. Innovation is unlocking these opportunities for everyday investors and clearly, these results indicate that the demand is there.” — Guy Hirsch, managing director of eToro U.S.
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