Copy link
Increase text size
Decrease text size
Link copied

Dutch central bank to start integrity supervision of crypto exchanges and wallet providers from January 2020

Tue, 03 Sep 2019, 10:13 am UTC

De Nederlandsche Bank (DNB), the central bank of the Netherlands, has announced it will start regulating firms engaged in the cryptocurrency sector.

In a press release published today, the DNB said that cryptocurrency exchanges and wallet providers “are expected to become subject to [its] integrity supervision as of 10 January 2020.”

“We are required to start supervising these businesses under the fifth European anti-money laundering directive (AMLD5) and its implementation in Dutch law. Cryptos are vulnerable to financial crime, which is why it is important to set up integrity supervision now,” it added.

As such, firms offering services for the exchange between crypto and fiat and wallet providers would now be required to register with the central bank. In addition, the DNB would also assess the board members of these firms as well as some shareholders (qualifying holdings).

“They must demonstrate that their processes are effectively designed to prevent money laundering and terrorist financing, and that board members and other policymakers adequately manage these processes,” the central bank said. “Firms that do not register will no longer be allowed to provide crypto exchange services and wallets.”

The dedicated page on “cryptos” on the official DNB website urges businesses and consumers to be aware of the risks associated with investing in cryptocurrencies. During one of the ECB's Youth Dialogues, European Central Bank (ECB) President Mario Draghi had said that they will not impose any bans, but issued a warning, saying:

"The euro is backed by the ECB and the dollar is backed by the Federal Reserve. Nobody backs the bitcoin".

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $8,685.43 (-4.89%)
  • Ethereum (ETH) $165.50 (-6.10%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $331.50 (-4.85%)
  • Bitcoin SV (BSV) $265.73 (+3.50%)
  • Bitcoin (BTC) $8,685.43 (-4.89%)
Jan 17, 2020 (Friday)
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Crypto dealer SFOX announces new service for investors and wealth managers
Binance in talks with TaoTao and Z Corporation for strategic partnerships in Japan
Crypto Technicals: NEO/USD set to scale new highs, 200-DMA breakout confirms bullish trend
Crypto exchange Gemini launches own insurance company "Nakamoto"
eToro, Radar and OKCoin join Coinbase-led Crypto Rating Council
Huobi joins Blockchain Turkey Platform (BCTR)
U.S. authorities urged to investigate crypto use in funding domestic terrorism and extremism
Calibra, Anchorage, Bison Trails executives elected to Libra’s new technical steering committee
Crypto Technicals: LTC/USD bounces off 5-DMA support, eyes next major hurdle at 200-DMA (65.43)
U.S. lawmakers seek tax exemption for crypto transactions under $200
Former CFTC Chair launches Digital Dollar Project in partnership with Accenture
Crypto Technicals: ETH/USD resumes upside after brief pause, eyes 23.6% Fib at 174.83
Uzbekistan to launch national mining pool and licensed cryptocurrency exchange
Crypto Technicals: BTC/USD extends sideways below 200-DMA, bias bullish
Garanti BBVA conducts real-time blockchain transfers using Takasbank's BiGA Platform
Jan 16, 2020 (Thursday)
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Litecoin Foundation, BlockFi partner to bring more liquidity to users
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.