All local financial companies (including crypto firms) are set to be registered with the Dutch National Bank (DNB) by January 10.
This will mean all international cryptocurrency companies will not be able to operate their business in the country.
The Dutch House of Representatives have enacted the new financial bill to regulate crypto firms operating in the Netherlands. The reason for the move was the alledged excessive money laundering and scams claims from regulators such as the DNB.
If international companies want to work in the region they will have to register for a licence in the Netherlands.
It was reported last month that the Dutch authorities will be making move but nothing was mentioned about international firms.
It seems that this move is to regulate AML and KYC regulations and secure crypto trading in the nation.
Now the Netherlands has made the move I wonder if other EU nations will follow.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.