Dutch Central Bank To Regulate Crypto Firms In January 2020
Cryptoinformers || SEPTEMBER 3, 2019
Dutch central bank has revealed that it will start regulating cryptocurrency related firms beginning Jan. 10, 2020.
Reuters reported on Sept. 3 that De Nederlandsche Bank clarified that relevant firms in the sector must register with the institution if they wish to continue to operate.
The bank’s official statement reportedly reads:
“In concrete terms, firms offering services for the exchange between cryptos and regular money, and crypto wallet providers, must register with De Nederlandsche Bank.”
Previously, Dutch ministers urged the country’s government during July to regulate cryptocurrencies and certain cash payments due to money laundering concerns.
In January, Dutch Minister of Finance, Wopke Hoekstra, received official advice from the Netherlands’ Authority for the Financial Markets and De Nederlandsche Bank that a licensing system should be introduced for cryptocurrency services.
The Netherlands does not recognize cryptocurrency as legal tender, although in 2018 a Dutch court ruled that Bitcoin (BTC) was a legitimate “transferable value” in a penalty payment case.