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The Netherlandsâ central bank has today revealed it will begin regulating firms that offer crypto-related services as of January 2020, ordering them to register.
The Dutch central bank has today revealed it will begin regulating firms that offer cryptocurrency-related services as of Jan. 10, 2020.
Reuters reported on Sept. 3 that De Nederlandsche Bank clarified that relevant firms in the sector must register with the institution if they wish to continue to operate.
The bankâs official statement reportedly reads:
âIn concrete terms, firms offering services for the exchange between cryptos and regular money, and crypto wallet providers, must register with De Nederlandsche Bank.â
Recent cryptocurrency developments in the Netherlands
As reported, Dutch ministers had urged the countryâs government this July to regulate cryptocurrencies and certain cash payments due to money laundering concerns.Â
In January, Dutch Minister of Finance, Wopke Hoekstra, received official advice from the Netherlandsâ Authority for the Financial Markets and De Nederlandsche Bank that a licensing system should be introduced for cryptocurrency services.
The Netherlands does not recognize cryptocurrency as legal tender, although in 2018 a Dutch court ruled that Bitcoin (BTC) was a legitimate âtransferable valueâ in a penalty payment case.
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