Crypto service providers are under a duty to register if their services under the scope of the Wwft are provided in a professional capacity or on a commercial basis.
The Explanatory Memorandum clarifies that for an activity to be carried out in a professional capacity or on a commercial basis, it must be more than just an occasional activity and the provider must receive remuneration or generate income from it. The activity must therefore be performed systematically or regularly. Occasional or once-only activities do not qualify as activities carried out in a professional capacity or on a commercial basis. They do not need to be profitable, however, and do not need to be the provider's main activity to qualify as such. Further qualifying features can be the fact that a provider advertises for the services or provides them to multiple customers.
If you are in doubt as to whether you provide a service in a professional capacity or on a commercial basis, please contact us to provide us with a description of your activities.
There are two new regulatory developments of relevance to banks regarding their crypto asset exposures. Firstly, the Capital Requirements Regulation 3 (CRR3) includes a transitional regime on banks’ direct crypto asset exposures.
Read more New rules for the crypto exposures of banks
Embedded finance offers customers the convenience of in-app payment options and on-the-spot insurance. This seamless integration of financial services, available exactly when and where they are needed, makes life simpler. But this innovation also entails new risks.
Read more Embedded finance: striking a balance between convenience and risk in the digital economy
On 14 July 2023, De Nederlandsche Bank (DNB) imposed an order subject to penalty on Payward International Markets Limited (Payward International), operating under the trade name Kraken.
Read more Order subject to penalty imposed on Payward International Markets Limited for offering crypto services in the Netherlands without registration
Supervisory authority De Nederlandsche Bank (DNB) is submitting a new anti-money laundering approach to financial institutions and other stakeholders as part of a public consultation. In a policy document presented today [...]
Read more DNB submits new anti-money laundering approach to financial sector
