The Netherlands will require licenses to crypto exchanges
Through the De Nederlandsche Bank (DNB), the European country will seek to avoid the illicit use of funds that are managed within these institutions
The Central Bank of the Netherlands will now require cryptocurrency service providers to acquire a license to continue their operations in the country.
This new resolution will be applied to prevent the assets obtained through the exchange from being used for illicit activities such as money laundering or terrorist financing.
The exchanges must comply with a series of requirements for the license to be approved. First it is necessary that they know the identity of their clients, as well as they will have to make reports of the unusual transactions that they carry out. The organization in charge of monitoring this information will be De Nederlandsche Bank (DNB)..
For some time, cryptocurrencies have not been considered as “real money” in the Netherlands following the statement of executive of the financial institution.
However, the European country has no intention whatsoever of prohibiting them, so they have taken the decision to initiate a regulatory process towards them.
K. Tovar
Source: Coincrispy
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