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Dutch authorities to regulate all crypto dealing firms

Sep 03 2019
By
Jonathan Smith

The Dutch Central Bank announced new rules for all companies dealing with crypto currencies that will take effect from January 2020.

 

All companies offering exchange services between crypto and fiat currencies and vise versa will have to register with De Nederlandsche Bank (DNB) before 10 January 2020.
 
DNB advises all companies in question, including wallet providers, to contact the Central Bank as soon as possible. 
 
The measures are taken in accordance with the fifth European anti- money laundering directive, which came into effect back in July, and which is aimed to curb money laundering and terrorist financing. 
 
“Cryptos are vulnerable to financial crime, which is why it is important to set up integrity supervision now,” DNB said in a statement published on Tuesday.
 
“Once a firm is registered and we have assessed board members and other policymakers, we will monitor that it complies with the rules on money laundering and terrorist financing. Firms that do not register will no longer be allowed to provide crypto exchange services and wallets,” DNB also said adding that companies “must demonstrate that their processes are effectively designed to prevent money laundering and terrorist financing, and that board members and other policymakers adequately manage these processes”.
TAGS: De Nederlandsche Bank (DNB)  the Netherlands  crypto exchanges  regulation 
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