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De Nederlandsche Bank has issued an ultimatum to all domestic cryptocurrency service providers offering fiat support to register with the institution by May 18.
The Netherlandsā central bank, De Nederlandsche Bank (DNB), has issued an ultimatum to all fiat-supporting cryptocurrency service providers to register with the institution by May 18.
In a news release published on May 4, the DNB told companies that following the Dutch Senateās vote in favor of an Implementation Act amending the European Unionās fourth Anti-Money Laundering Directive on April 21, the Actās statutory requirements will soon be coming into force.
The strict two-week deadline to register with the DNB is only necessary for those providers offering fiat-crypto conversion services or cryptocurrency custody.Ā
Companiesā draft registration applications will have their requests automatically converted into formal ones by the implementation date, under the terms of a transitional arrangement. Outstanding fees will be required, the DNB indicated.
Any provider who fails to submit a draft application by the deadline will be forced to cease their activities.
Those who continue to operate without being subject to the DNBās process may find that their subsequent application will be compromised.
Any entities in violation of the registration requirements can, moreover, be subject to enforcement actions, the DNB warned.
The Netherlandsā response to EU AML measures
As reported, The EUās 5th Anti-Money Laundering Directive (5ALMD) came into effect on January 10 of this year.Ā
The Netherlandsā implementing amending Act for 4AMLD has already been overdue, missing deadlines earlier this year and prompting the European Commission to issue its own ultimatum to the Dutch legislature.
This March, the Dutch Minister of Finance sent a statement to the House of Representatives responding to 5ALMD, which raised, among other matters, questions about the administrative burden and costs on smaller companies of complying with the directive.
As regards the DNBās own stance on digital currencies, the institution has recently affirmed that it stands āready to play a leading roleā with research and development into its own digital currency as well as a Europe-wide digital currency.
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