First Crypto Service Approved Under AMLD5 Regulations by Dutch Central Bank
The Netherlands has forced tight regulations related to E.U. anti-tax evasion laws.
The central bank of the Netherlands, De Nederlandsche Bank NV (DNB), has granted AMDAX BV the ability to operate under its jurisdiction.
This marks the first run through a digital asset company that has been approved in the nation following the introduction of stringent new regulations that saw many crypto-related businesses close or leave the Netherlands.
Receiving official registration from the governing body means AMDAX BV, an Amsterdam-based digital asset administration company, can now give Dutch residents access to its offerings according to an Oct. 7 brief from Finextra.
The company told in a statement:
"AMDAX B.V. has been registered by De Nederlandsche Bank (DNB) as the first provider of crypto services in the Netherlands. This enables AMDAX to process crypto transactions and store cryptocurrencies."
Fintech firms in the Netherlands must abide by European Union regulations, which have fixed significantly in the course of the last not many years, including its updated anti-tax evasion laws, known as the fifth Anti-Money Laundering Directive, or AMLD5.
In September 2019, the DNB ordered any crypto-involved elements to register with the bank, noting January 2020 as the starting point for any approval demands.
Catering to institutions, as well as individuals, AMDAX BV began its excursion toward AMLD5 approval back in May, Finextra announced. Although other crypto companies have recently operated in the nation, the new AMLD5 laws caused such substances to close or move. Popular crypto derivatives platform Deribit left the Netherlands in January 2020.
AMDAX BV is purportedly the first digital asset firm registered under the new regulatory structure. "DNB justly applies high standards for this registration," AMDAX BV fellow benefactor Valentino Cremona said.
"The market needs clear legal frameworks, such as the set of requirements of DNB," he added. "This registration shows investors that crypto is a mature asset class, not for criminals, but smart investors."
AMDAX BV further noted in its statement that: "All crypto companies need to get this registration. Without it, they cannot operate in the Netherlands. The other Dutch crypto companies have up to Nov. 21 to get registered."
Regulatory oversight has also fixed in other areas with regulators in the U.S. as of late going after crypto derivatives exchange BitMEX.
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