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Crypto companies must report to DNB, otherwise they will have to be taken off the air

2019-09-03T09:17:29.569Z

Companies offering crypto coins will fall under the supervision of De Nederlandsche Bank from January 10, 2020. All crypto services must therefore report to the central bank before that date.



Companies offering crypto coins will fall under the supervision of De Nederlandsche Bank from January 10, 2020. All crypto services must therefore report to the central bank before that date.

The new supervision follows from the new European anti-money laundering directive. "Cryptos are vulnerable to financial and economic crime. That is why it is important that integrity supervision takes shape now," says DNB.

Under the new rules, companies that exchange crypto currencies for ordinary money and companies that offer so-called 'wallets' must be registered with De Nederlandsche Bank. Companies must be able to demonstrate that they are well equipped to combat money laundering and terrorist financing, and that administrators and other policymakers control these processes well.

Companies that do not register with DNB may no longer offer their crypto services.

Source: nunl

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