The Netherlands’ central bank gives crypto firms an ultimatum to register


  • The Dutch central bank has issued an ultimatum to crypto service providers in the country to register by May 18.
  • Companies failing to do so will be forced to cease their operations. 


The Netherlands’ central bank, De Nederlandsche Bank (DNB), has given a two-week ultimatum for crypto firms in the country to register with the bank. This directive follows the passage of the fourth Anti-Money Laundering Directive (AMLD4) by the Dutch lawmakers.

The bank has instructed crypto exchanges and custodians to register and submit a draft application before the AMDL4 comes into effect on May 18, 2020. The ultimatum is applicable for firms dealing in crypto/fiat trading pairs and exempts firms offering crypto/crypto trading pairs. The DNB noted that the draft applications submitted by the firms would automatically become formal once the government sets the new law in motion. 

Crypto firms failing to submit the applications by May 18 will be forced to cease operations. An excerpt from a press release by DNB reads: 

If you have not submitted a draft application prior to the entry into force of the law, you cannot make use of the transitional arrangement and you must, therefore, cease your existing activities. If you are active without being subject to the transitional arrangement, this may have an effect on the assessment of your (subsequent) registration application. You will also be in violation and DNB can take enforcement action.

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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Cardano Price Prediction: ADA eyes $1 amid market-wide sell-off

Cardano price has failed to recover to pre-crash levels, hinting at a dearth of buying pressure. The recent short mania might cause ADA to dip into the demand barrier ranging from $0.98 to $1.07.

More Cardano news

Bitcoin price falls below $50K as investors rush to exit crypto markets

Bitcoin price dipped below $50,000 after an announcement revealed that US President Joe Biden could increase capital gains taxes for the rich. The leading cryptocurrency fell in tandem with the US stock market as fears of a potential tax ...

More Bitcoin News

Zilliqa Price Prediction: ZIL crash to extend another 12% if this key level breaks

Zilliqa price has dropped 53% since April 17, pushing it from $0.254 to $0.117. A bounce from the 100 SMA seems plausible, but a failure will set the stage for a crash that could extend well beyond 12%. 

More Zilliqa news

Ethereum miners raise gas limit to 15 million as on-chain activity increases

Following the Berlin hard fork, Ethereum’s network is ready to raise its gas limit once again. Raising the gas limit could be a temporary solution to high gas fees and network congestion. 

More Ethereum news

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Institutional wave of BTC adoption follows new all-time highs

Bitcoin price hitting a new all-time high and Coinbase’s direct listing are perhaps two of the most important developments surrounding the pioneer cryptocurrency over the past week.

Read the weekly forecast

BTC

ETH

XRP