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Dutch Central Bank Gives Crypto Firms Ultimatum to Register – Magic Cryptocurrency

Dutch Central Bank Gives Crypto Firms Ultimatum to Register

Dutch Central Bank Gives Crypto Firms Ultimatum to Register

AML Cryptocurrencies Europe Netherlands Regulation
May 6, 2020 by magiccryptocurrency
20
The Netherlands’ central bank, De Nederlandsche Bank (DNB), has issued an ultimatum to all fiat-supporting cryptocurrency service providers to register with the institution by May 18. In a news release published on May 4, the DNB told companies that following the Dutch Senate’s vote in favor of an Implementation Act amending the European Union’s fourth
Dutch Central Bank Gives Crypto Firms Ultimatum to Register



The Netherlands’ central bank, De Nederlandsche Bank (DNB), has issued an ultimatum to all fiat-supporting cryptocurrency service providers to register with the institution by May 18.

In a news release published on May 4, the DNB told companies that following the Dutch Senate’s vote in favor of an Implementation Act amending the European Union’s fourth Anti-Money Laundering Directive on April 21, the Act’s statutory requirements will soon be coming into force.

The strict two-week deadline to register with the DNB is only necessary for those providers offering fiat-crypto conversion services or cryptocurrency custody. 

Companies’ draft registration applications will have their requests automatically converted into formal ones by the implementation date, under the terms of a transitional arrangement. Outstanding fees will be required, the DNB indicated.

Any provider who fails to submit a draft application by the deadline will be forced to cease their activities.

Those who continue to operate without being subject to the DNB’s process may find that their subsequent application will be compromised.

Any entities in violation of the registration requirements can, moreover, be subject to enforcement actions, the DNB warned.

The Netherlands’ response to EU AML measures

As reported, The EU’s 5th Anti-Money Laundering Directive (5ALMD) came into effect on January 10 of this year. 

The Netherlands’ implementing amending Act for 4AMLD has already been overdue, missing deadlines earlier this year and prompting the European Commission to issue its own ultimatum to the Dutch legislature.

This March, the Dutch Minister of Finance sent a statement to the House of Representatives responding to 5ALMD, which raised, among other matters, questions about the administrative burden and costs on smaller companies of complying with the directive.

As regards the DNB’s own stance on digital currencies, the institution has recently affirmed that it stands “ready to play a leading role” with research and development into its own digital currency as well as a Europe-wide digital currency.



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