Dutch Central Bank prompts crypto service providers to register
Published on FD.nl on September 4th, 2019. Translated into English by the Crypto2Cash team.
The discussion centered on supervision of cryptocurrency services is entering into a new phase. Yesterday, the Dutch Central Bank (DNB) prompted providers of such services to report to it in anticipation of the implementation of actual legislation, a subject about which many question marks remain.
It is known that the Netherlands aims to implement the European anti-money laundering directive AMLD (“Anti Money Laundering Directive’’) before 10 January 2020. A bill has already been brought forward to the Dutch House of Representatives.
The law mainly affects providers of services relating to virtual currencies, such as exchanges and wallet services. They must thoroughly check the identity of their customers and report any unusual transactions to the Financial Intelligence Unit. Firms should also be extra vigilant about money flows from outside the EU.
The Dutch Central Bank announced the new registration requirement via a press release yesterday. If Dutch companies do not comply with this request, they must cease to provide such services. A review of internal monitoring processes, and of the directors and shareholders of each company form some of the key components of the registration requirement.
Companies that have requested a license in progressive crypto countries, such as Malta and Estonia, need to be aware that, going forward, such registration will not suffice in the Netherlands. ‘You need services to be registered here ’, according to one DNB spokesperson. The sector has for the most part responded positively to this development. “Embracing is a big word, but the Dutch Central Bank now seems more open to crypto service providers’’, says Crypto2Cash founder Pieter Jan Datema, whose company has already reached out to the Dutch Central Bank.
It is not currently mandatory for companies to report to the DNB, but the regulator hopes that companies will follow Datema’s example, in preparation for a potentially time-consuming registration process. The DNB aims to be able to map the market and to report on it via the information it gathers from participating companies.
Original article (Dutch):
