Holland will apply regulations on crypto service providers in 2020

From next January 10, 2020 the Dutch Central Bank will apply rules and regulations to companies that provide services related to cryptocurrencies

The Dutch Central Bank, DeNeederalandscheBank, announced Tuesday that they will soon start applying regulations to companies that provide services related to cryptocurrencies. The expected date is January 10, 2020, and the regulations will be aimed at consortia of exchange between cryptocurrencies and fiat money, and wallet providers.

Through a press release, the entity clarified that the entry into force of the regulations will depend on the exact moment of application of the fifth European directive against money laundering (AMLD5) in Dutch law.

This means that the AMLD5 has the power to apply the new regulations to companies of the crypto universe in the country. From De Nederlandsche Bank they have indicated that the measure seeks to strengthen the security of cryptocurrencies in view of the fact that they are clearly vulnerable to financial crimes.

The Dutch Central Bank also noted that supervisory measures will be extended to members of the Boards of Directors and qualified shareholders in the sense of demonstrating that their processes have the capacity to “prevent money laundering and terrorist financing, and that the members of the Board of Directors and other policy makers adequately direct these processes.”

Companies should begin to take measures and also have the proper registration to remain in the market. The Central Bank, for its part, has placed on its website a series of questions related to the supervision of cryptocurrency operators so that they can consult them.


Source: Diario Bitcoin

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