The Dutch Central Bank is putting crypto companies on notice, saying it will even include their shareholders under its microscope. | Source: Shutterstock
The Dutch central bank has run out of patience with the crypto space. The De Nederlandsche Bank (DNB) put certain players on notice that they have until 2020 to register.
That’s when they’ll become subject to “integrity supervision.”
On Tuesday, the De Nederlandsche Bank claimed it was required to start supervising crypto-related businesses under the fifth European anti-money laundering directive (AMLD5).
Despite cryptocurrencies inching closer to mainstream adoption, especially bitcoin, the central bank remains worried. Its main gripe is that cryptos are vulnerable to financial crimes.
The central bank’s move is troubling for several reasons. This includes it moving to make it impossible for crypto outfits to do any business in the Netherlands without government oversight.
According to the statement: “Firms offering services for the exchange between virtual money (cryptos) and regular money, and crypto wallet providers” should reach out to the DNB.
Board members and shareholders of these companies could be subject to assessments, too.
Those that comply will likely be subject to a high level of government oversight. All have until Jan. 10, 2020, to register.
“Firms that do not register will no longer be allowed to provide crypto exchange services and wallets.”
The bank warns:
“If these firms contact us now, we can reach them more easily later on and also get an idea of how many firms will come under our supervision.