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The Dutch central bank gives cryptocurrency companies an ultimatum for registration

The central bank of the Netherlands, From the Nederlandsche Bank (DNB), it issued an ultimatum to all cryptocurrency service providers who have Fiat support to register with the institution before May 18.

In a press release dated May 4 The DNB informed the companies of this after the Dutch Senate voted on 21 April for an implementing law amending the fourth EU money laundering directive, The legal requirements of the law will soon come into force.

The strict two-week deadline for registration with the DNB is only required for providers who offer Fiat’s conversion services to cryptocurrencies or custody of this.

The Dutch central bank gives cryptocurrency companies an ultimatum for registration
The Dutch central bank gives cryptocurrency companies an ultimatum for registration

Application projects for company registrations are automatically converted into formal applications on the application dateunder a transitional agreement. Pending commissions will be required, said DNB.

Every supplier who does not submit a draft application within the specified deadline must cease his activity.

The subsequent request from those who continue to work without being subject to the DNB process is jeopardized.

In addition, any facility that violates registration requirements may be subject to enforcement action, the DNB warned.

Netherlands response to EU anti-money laundering measures

As reported The 5th EU Money Laundering Directive (5ALMD) entered into force on January 10 of this year.

The Dutch amendment law for 4AMLD has already been implemented delayedThe deadlines were not met earlier this year and prompted the European Commission to issue its own ultimatum to the Dutch legislature.

In March, the Dutch finance minister sent a statement to the House of Representatives responding to 5ALMD, raising questions, among other things, about the administrative burden and costs for small businesses that comply with the directive.

In relation to Due to the DNB’s stance on digital currencies, the institute recently stated that it is “ready to play a leading role in researching and developing its own digital currency and a European digital currency”.

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