Licence requirement for trading platforms with payment services

News
Datum 28 juni 2017

As of 13 January 2018, trading platforms that provide payment services must have a licence to continue to do so. These trading platforms will therefore no longer be exempt from a licence requirement.

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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.

Financial risk

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.

More information

For more information about applying for a licence, please visit our Digital Supervision Portal.

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