Altcoin News: Unregistered Crypto Companies to Be Banned in the Netherlands

September 3, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The Central Bank of the Netherlands this Tuesday announced that it will begin to regulate companies providing cryptocurrency-related services on January 10, 2020.

“In concrete terms, firms offering services for the exchange between cryptos and regular money, and crypto wallet providers, must register with De Nederlandsche Bank,” Reuters quoted the agency.

Cryptocurrency companies in the Netherlands will be regulated in accordance with the Fifth European Union Anti-Money Laundering Directive.

“Cryptocurrencies are vulnerable to financial crime, which is why it is now important to establish holistic regulation,” the department said.

In addition, the Netherlands Bank will evaluate the board members of cryptocurrency companies:

“After the company is registered, and we evaluate its board members and other responsible persons, we will ensure that it complies with the rules for combating money laundering and terrorist financing. Non-registered companies will no longer be able to provide cryptocurrency exchange and storage services. ”

Earlier, similar proposals were made by the Minister of Finance of the Netherlands Wopke Hoekstra.

Author: Marko Vidrih