The Dutch upper house passed the Anti-money laundering (AML) laws on April 21 in <a href="https://ec.europa.eu/info/law/anti-money-laundering-aml-directive-eu-2018-843_en" target="_blank" rel="noopener">accordance </a>with the EU and provided a deadline of May 18 for the cryptocurrency firms to register with it.  Failure to do so would result in fine and they would not be allowed to operate even. The Dutch national bank was obliged to carry out the orders but instead of issuing licenses, it opted for a different route. <a href="https://www.cryptoknowmics.com/news/list-of-top-blockchain-development-companies-to-watchout-for-in-2020/">The crypto firms</a> in the Netherlands were asked to do a mandatory paid registration of $34,000 per year.

Most of the medium and small-sized firm criticized the decision and stated the fee of registration is outrageous and something they can't muster. The regulations would be extensive and strict and the crypto firms along with their directors would be explained and explained how to strengthen themselves and keep up with the new implementations like stronger KYC rules. An eye would be kept on transactions too and any fishy transaction information would be provided to the financial intelligence unit.

DNB has <a href="https://www.dnb.nl/nieuws/dnb-nieuwsbrieven/nieuwsbrief-cryptodienstverleners/nieuwsbrief-aanbieders-van-cryptodiensten-mei-2020/index.jsp" target="_blank" rel="noopener">made </a>it pretty clear to the crypto firms that if they don't submit the draft, they would cease to exist and that would also be a violation, with DNB in a position to take further action if it seems necessary.
<h2>Crypto Firms Attack the new AML Laws </h2>
The new AML regulations in the country have <a href="https://insights.deribit.com/exchange-updates/a-message-from-deribit-team-about-the-upcoming-kyc-and-our-move-to-panama/" target="_blank" rel="noopener">received </a>backlash and many firms have already made it clear that they would not register themselves given the high registration fees. There are also fears that the startups would die prematurely and crypto development in the Netherlands would suffer.

It would be interesting to see now what developments or actions are taken now that the deadline is over. Given the massive outrage, the deadline might be extended or there might be a thaw in the regulations.

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Deadline Day Over For Crypto Firms to Register in Netherlands

The country issued a stern warning that crypto firms who'd choose not to register in accordance with the new AML law would cease to exist.

Zain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.

Deadline Day Over For Crypto Firms to Register in Netherlands

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