The Dutch National Bank (DNB) has issued a press release expecting crypto operators to fall under Dutch supervision as of 10th January 2020.
As we have previously reported there has been a concerted effort among regulators and legislators across the globe to streamline crypto regulations. The announcement from the DNB today further strengthens the push towards regulatory oversight and an end to the “Wild West” days of crypto.
Crypto operators to fall under Dutch supervision
Firms offering services for the exchange between virtual money (cryptos) and regular money, and crypto wallet providers are expected to become subject to our integrity supervision as of 10 January 2020
How this integrity supervision is to look is also explained, and is also covered by a release from July 2nd
In concrete terms, firms offering services for the exchange between cryptos and regular money, and crypto wallet providers must register with De Nederlandsche Bank (DNB). Also, their board members and some shareholders (qualifying holdings) will need to be assessed. 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.
For the long-term future of crypto currencies as a financially and legally acceptable form of investment, the news from the DNB will be welcomed in many sectors, and should see a huge increase in traffic for legally compliant cryptos.
At Wise cryptos we are eager to see which of the currently existing exchanges apply for licensing under the proposed Dutch laws currently being examined by the Dutch House of Representatives.