On 21st April, the Netherlands had passed a law making it mandatory for crypto service providers to subject themselves to integrity supervision by De Nederlandsche Bank (DNB). The Ministry of Finance is set to execute the new law from 18th May 2020. Thus, DNB has instructed all crypto service providers to apply for registration by this date.
DNB’s mandatory registration requirements stem from the Implementation Act that was added to the Fourth Anti-Money Laundering Directive. Besides registration by crypto service providers, the Act also requires them to comply with the Netherlands’ AML/CFT and Sanctions Acts.
A transitional arrangement is available for those crypto service providers who apply for registration before 18th May. Delays in registration requests will lead to cancellation of the arrangement. Such crypto service providers must cease their operations until they have applied for registration.
