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.