,

After Blox More Seeks Approval From Dutch Central Bank To Initiate Crypto Services

After BLOX 39 more companies filed applications before the Dutch Central Bank for obtaining permission to render crypto services. These 39 companies included both, crypto exchanges as well as providers of custodial wallets.

The Dutch Central Bank had informed that 39 more companies had submitted documents for obtaining approval of the bank. Earlier it was BLOX for the first time which was allowed to register after the amalgamation of EU policy.

Netherland had recently joined the European Union’s policy on the elimination of money laundering called (AMLD5). As per AMLD5, providers of crypto services as well as custodial wallets were instructed to obtain registration from the Bank. Registration was made mandatory by the Bank in order to ensure compliance with its regulations as well as AMLD5 policy. In case of non-registration, legal action was to be initiated against non-complying businesses in the country, told the Dutch Bank.

AMLD5 policy was inducted by Netherland Government in May this year and since then it was made applicable throughout the country. At that time nationwide directions were issued to custodial wallets and crypto-exchange firms to ensure compliance. It was also told that only those businesses will be allowed to continue which are contained in the Government’s official register.

An official of the Bank had also informed that at least four out of 39 had already been registered with the Dutch Bank. The rest of the applications are still under process and will be decided in due course.

One of the newly registered company was Anycoin Direct. Bram Ceelen, CFO of Anycoin Direct, stated that it was quite challenging for the company to undergo this process. He told that certain adjustments were brought in on an urgent basis in its order processing mechanism for fulfilling registration prerequisites.

The spokesperson of the Dutch Bank also clarified that the companies which got registered recently had nothing to fear. He stated that the prudential regulations of the Bank will not be applicable to these companies. Nor the Authority for the Financial Markets will have any control over the conduct of the registered companies.

He also told that the Dutch Bank’s role is to ensure compliance of anti-money laundering law and sanctions contained therein.

 

Leave a Reply