- 39 crypto firms apply for registration with the Dutch central bank.
- Four crypto firms are already 5AMLD-compliant.
- Registered companies are not subject to the prudential supervision of DNB or AFM.
The Dutch central bank, De Nederlandsche Bank (DNB), has received 39 applications from companies that seek to provide cryptocurrency services. Currently, four crypto firms are registered under the fifth EU Anti-Money Laundering Directive (5AMLD).
Amsterdam Digital Asset Exchange (AMDAX) has already been granted registration. In addition, Phoenix Payments, which also operates as Anycoin Direct, holds registration from DNB. To add on, Rotterdam-based 2525 Ventures and Nijmegen-based Blox got registered.
Anycoin Direct CFO Bram Ceelen commented that:
It was a tough challenge to go through this process. We made significant adjustments to our order process in order to meet the registration requirements.
Netherlands and EU Anti-Money Laundering Directive
Prior to this, Dutch Minister of Finance Wopke Hoekstra received info that crypto can no longer be bought or sold anonymously. As a result, the Netherlands Authority for the Financial Markets and De Nederlandsche Bank submitted a proposal stating a licensing system should be introduced for cryptocurrency services.
Immediately afterward, the minister announced that he would accept the advice. Therefore, DNB ordered crypto firms to register before providing crypto services since January 10, 2020. This is in compliance with the 5AMLD regulations.
The bank’s official statement reported that:
In concrete terms, firms offering services for the exchange between cryptos and regular money, and crypto wallet providers, must register with De Nederlandsche Bank.
In order to operate crypto services, providers of custodial wallets must first apply for registration with the central bank. They should meet the requirements of the Money Laundering and Terrorist Financing (Prevention) Act and the Sanctions Act 1977.
However, the registered companies are not subject to the prudential supervision of DNB. Neither are they subject to the conduct supervision of the Autoriteit Financiële Markten (AFM). For that reason, they do not monitor financial business risks. Hence, there is no specific financial consumer protection.