People with disabilities or low digital literacy or who have difficulty making ends meet particularly value cash. Of all Dutch people, 28% say they cannot do without cash and 7% say they only pay with cash at points of sale, but these percentages are higher for the aforementioned focus groups.Read more
DNB calls on crypto service providers to apply for registration before 18 May
Published: 04 May 2020
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.
Finance Minister Sigrid Kaag wants banks to continue to provide adequate, basic cash facilities, as she wrote today in a letter to Parliament. In her letter, she also stresses that cash withdrawals and deposits must remain affordable for both consumers and retailers.Read more
Dutch households' trust in financial institutions has remained stable over the past year, despite the recent problems faced by banks in the United States and Switzerland. During that period, households did think slightly more often about the possibility of Dutch banks failing.Read more