Trading platforms are websites or apps that match demand for goods and services with supply. These activities fall outside our supervisory remit. If a trading platform also provides its own payment services then it is subject to our supervision, and these activities then require a licence.
We therefore only require trading platforms which provide these payment services themselves to hold a licence. This applies if a platform for example facilitates payment from the buyer to the seller. The platform receives funds from customer purchases on its own account, or they are received by a customer accounts foundation affiliated with the trading platform, which then transfers the payment to the seller. As the trading platform holds the funds in an account for some time, a financial risk arises which is subject to statutory rules.
No grounds for exemption
Such activities have been exempt from the licence requirement in the Netherlands, until now. As of 13 January 2018 the new European legislation for payment services, PSD2, will bring further harmonisation to regulations for payment service providers. We have established that trading platforms which themselves provide payment services no longer have grounds for exemption from the licence requirement from that date, and therefore require a licence from us.
For more information about applying for a licence, please visit our Digital Supervision Portal.