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.
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
DNB has conducted a series of examinations to assess financial institutions’ compliance with sanctions regulations and, more specifically, whether their compliance operations are fit for purpose. We are happy to share the results of these investigations.
Read more Sanctions Act examinations: room for improvement, but sector shows strong commitment to compliance
Did you know that you can track the status of your assessment application in My DNB? As of 11 May 2023 you can see the status of your assessment application in My DNB – Supervisory Applications Service.
Read more New: status of your assessment application with DNB
