Crypto Firms to Be Regulated as of January 2020

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 bank’s official statement reportedly reads:

“In concrete terms, firms offering services for the exchange between cryptos and regular money, and crypto wallet providers, must register with De Nederlandsche Bank.”

Recent cryptocurrency developments in the Netherlands

As reported, Dutch ministers had urged the country’s government this July to regulate cryptocurrencies and certain cash payments due to money laundering concerns. 

In January, Dutch Minister of Finance, Wopke Hoekstra, received official advice from the Netherlands’ 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 “transferable value” in a penalty payment case.