De Nederlandsche Bank (DNB) calls on stakeholders in the payment chain to make agreements to ensure that cash remains readily accessible and available in the Netherlands in the next five years. DNB announced this today after outgoing Minister of Finance Wopke Hoekstra had presented...Read more
DNB calls on crypto service providers to apply for registration before 18 May
On 21 April 2020, the law was passed under which crypto service providers are subject to the integrity supervision of De Nederlandsche Bank. The new legislation is expected to enter into force on 18 May 2020. DNB calls on crypto service providers to apply for registration before that date.
The new registration obligation follows from the Implementation Act amending the Fourth Anti-Money Laundering Directive. In addition to being required to register, this Act requires crypto service providers to comply with the Anti-Money Laundering and Anti-Terrorist Financing Act (Wet ter voorkoming van witwassen en financieren van terrorisme – Wwft) and the Sanctions Act (Sanctiewet 1977 – Sw).
The Ministry of Finance aims to bring the law into force on 18 May. A transitional arrangement is provided for. Only crypto service providers who have applied for registration with DNB before 18 May are eligible for this transitional arrangement. If registration is requested too late, the transitional arrangement will not apply and all activities must be discontinued until the successful completion of the registration application.
For crypto service providers, DNB has also published a newsletter today with more information on the registration process and DNB's supervision.