Netherlands: Central Bank to supervise cryptocurrency firms

Netherlands: Central Bank to supervise cryptocurrency firms

Firms offering services for exchange between virtual money (cryptos) and regular money, and crypto wallet providers will be subject to De Nederlandsche Bank (DNB)’s supervision effective January 10, 2020.

 

As part of the supervision, the DNB has indicated that these firms will be required to register with it.  In addition, their board members and some shareholders (qualifying holdings) will be assessed.  

 

According to the regulator, a crypto firm must demonstrate that its: i) processes are effectively designed to prevent money laundering and terrorist financing; and ii) board discharges effective oversight of these processes.

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