Dutch central bank confirms it will supervise Bitcoin providers in 2020
|The central bank in the Netherlands has confirmed it has plans to supervise Bitcoin service providers in 2020.
Regulation in the crypto industry seems to be the holy grail at the moment and many disagree. Reporters seem to be obsessed with regulators comments about Bitcoin and other cryptocurrencies when the best thing about Bitcoin in the first place was the fact regulators had nothing to do with it.
It has been said that the central bank will supervise all brokers, exchanges, wallet providers, and others. They will all need to officially notify the central bank regarding their intentions. Companies who fail to meet these simple criteria will no longer be allowed to effectively operate within The Netherlands.
The central bank wants to provide more legitimacy to the cryptocurrency industry and as Bitcoin is largely unsupervised in the EU they want to take steps to make investments safer.
Interestingly, the Dutch central bank has gone down this route instead of banning cryptocurrencies. It has been said that the EU's main problem with Bitcoin and other such digital currencies is the fact they can be used for money laundering and criminal purposes. The central bank wants to make this step to make the industry safer rather than have a blanket ban, I wonder if more EU nations will take the same measure or will they just shun cryptos altogether.
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