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Netherlands central bank will begin to regulate crypto companies in January 2020

UNITED STATES, WASHINGTON (OBSERVATORY) — The Dutch bank will begin to regulate the activities of cryptocurrency companies as early as next year. This was reported on the official website of the bank.

It is reported that the regulator will begin to monitor the activities of companies providing cryptocurrency services on January 10, 2020. We are talking about companies that offer services for exchanging digital assets for fiat, as well as suppliers of cryptocurrency wallets.

The regulation of companies operating in the cryptocurrency sector will be carried out in accordance with the fifth EU anti-money laundering directive.

“Cryptocurrencies are vulnerable to financial crime, so now it’s important to establish holistic control,” the regulator said in a statement.

Companies providing cryptocurrency services will need to register with the Netherlands Bank. In addition, the regulator will evaluate members of the board of directors and some shareholders of these firms.

Unregistered companies will be banned in the Netherlands.

Recall that the Netherlands Bank and the Financial Markets Authority sent the country’s Minister of Finance Wopke Hoxtra a recommendation to introduce a licensing system for cryptocurrency companies in January.

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