Dutch Financial Authorities Plan Licensing Scheme for Crypto Exchanges

Financial authorities in the Netherlands are planning a licensing scheme for crypto exchanges and wallet service providers to prevent money laundering and terrorism financing.

De Nederlandsche Bank (DNB), the nation’s central bank, and the Netherlands Authority for the Financial Markets (AFM) published a report earlier this week, suggesting that fiat-to-crypto exchanges and custody solution providers must be licensed as cryptocurrencies carry “high financial crime risks.”

“These risks must be addressed effectively, which can be achieved as a result of the international coordination of countermeasures that AMLD5 [the Fifth European Anti-Money Laundering Directive] provides,” the report states.

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