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Dutch Central Bank Announces Tough Measures Against Unregistered Crypto Companies

06 May 2020 16:54, UTC
Dutch Central Bank Announces Tough Measures Against Unregistered Crypto Companies
By Anna Martynova

Dutch crypto companies must register before May 18 or cease operations, the Dutch Central Bank said on Monday. The Central Bank seeks to implement the improved Dutch anti-money laundering laws (AML) that were passed by the country's parliament last month as soon as possible. These initiatives come in accordance with the European Union's AML directives and standards established by the FATF.

On April 21, the Dutch Upper House introduced and adopted its amendments in AMLD4. According to the amendments, firms which convert cryptocurrency to fiat, and provide custodial services, must register with the central bank of the country by the deadline, otherwise the cease-and-desist order will be imposed.

Industry participants have criticized the new law, which, in their opinion, imposes a great burden on the industry as a whole. Small companies that may not have sufficient resources at this stage to comply with the rules will be affected more and then they will be forced to close. However, the regulator is sure that the time provided is enough to fulfill the registration.

Image courtesy of Bitcoin Exchange Guide



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