The Central Bank of the Netherlands received 39 applications for the registration of cryptographic companies

09.11.2020
Thirty-nine cryptographic companies have applied for registration with the Central Bank of the Netherlands, including cryptographic exchanges and cryptographic purse operators.

De Nederlandsche Bank NV (DNB), Central Bank of the Netherlands, has started active registration of cryptographic services. As a result of the implementation of the fifth EU Anti-Money Laundering Directive (5AMLD), cryptographic firms must register with the CB. They need to demonstrate compliance with the Money Laundering and Terrorist Financing Prevention Act and the 1977 Sanctions Act;

On 21 May, Directive 5AMLD Entered
in force in the Netherlands. Since then, providers of cryptographic services may operate in the country only if they are included in the public register of the SC. A DNB spokesperson confirmed that the regulator received thirty-nine applications for registration from cryptographic companies;

According to the public register on the CB’s website, four companies have already received a license to provide cryptocurrency services: 2525 Ventures, Amdax, Blox and Phoenix Payments. 2525 Ventures also operates under the trade names Litepay, Lightpaid, Lightbit, Litewallet, Litedeal and Litebit. Phoenix Payments is also known as Anycoin Direct.

«We are very proud to be among the first to successfully complete the registration process,» commented Bram Ceelen, CFO of Anycoin Direct. «It wasn’t easy to get a license. We have made significant changes to the business processes to register with the regulator»;

Companies that already provided cryptocurrency services before May 21 and applied for registration before that date continue to work while the application process is underway. The CB only «monitors compliance with the Money Laundering and Terrorist Financing Prevention Act and the 1977 Sanctions Act»;

«Registered companies are not subject to prudential supervision by the Central Bank or the Financial Markets Authority. This means that the risks of financial business are not monitored and there is no special protection for consumers of financial services,» notes the Central Bank;

In spring information appeared, that tougher regulation in the Netherlands may lead to closure of cryptographic companies. Last month the Central Bank of the Netherlands issued the information
the first license to the AMDAX BV.
cryptovite startup;