Dutch Central Bank Registers First Crypto Service In Netherlands
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Dutch Central Bank Registers First Crypto Service In Netherlands

October 9, 2020      Jafrin Ahmed

Dutch Central Bank, De Nederlandsche Bank NV (DNB) has registered AMDAX BV as the first crypto service provider in the Netherlands. AMDAX is the first digital asset company to be approved in the country amid a tighter regulatory environment. As registered by an official central authority, AMDAX BV has now the ability to offer its digital asset services to the residents of Dutch.

In a statement, the AMDAX said that “AMDAX B.V. has been registered by De Nederlandsche Bank (DNB) as the first provider of crypto services in the Netherlands. This enables AMDAX to process crypto transactions and store cryptocurrencies.”

AMDAX BV co-founder Valentino Cremona said:

“DNB justly applies high standards for this registration. The market needs clear legal frameworks, such as the set of requirements of DNB. This registration shows investors that crypto is a mature asset class, not for criminals, but for smart investors.”

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Registered Amid AMLD5 Regulations

Meanwhile, fintech firms operating in the Netherlands must abide by the EU’s regulations. The country recently updated its anti-money laundering laws or the 5th Anti-Money Laundering Directive, or AMLD5.

Even though, crypto companies gained quite a popularity in the country, the recent introduction of the AMLD5 laws resulted in crypto businesses to shut down or even move from the Netherlands. Back in January 2020, popular crypto derivatives platforms like Deribit had to leave the country.

In September 2020, the Dutch central bank had notified the operating crypto companies to get registered with the bank. It started its approval request from January 2020.

AMDAX BV further noted in its statement that “All crypto companies need to get this registration. Without it, they cannot operate in the Netherlands. The other Dutch crypto companies have up to November 21st to receive registration.”

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AMDAX BV is reportedly the first digital asset firm registered under the new regulatory structure.

 

#AMDAX BV #AML #AMLD5 #Anti Money Laundering #Cryptocurrency #De Nederlandsche Bank NV #Dutch Central Bank
Jafrin Ahmed
Jafrin Ahmed

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Being a HODLer she takes a keen interest in following the volatile Bitcoin charts. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.