22/01/19 11:00 UTC-4

A cryptocurrency licensing scheme was introduced in the Netherlands

Netherlands: cryptocurrency licensing scheme
Netherlands: cryptocurrency licensing scheme

In the Netherlands, the financial regulator and the bank have developed a licensing scheme for cryptocurrency exchangers and wallets to eliminate the financing of terrorism and money laundering, as reported in.

On Monday, January 21, De Nederlandsche Bank (DNB) and the Netherlands Authority for the Financial Markets (AFM) published a report with a proposal to license a cryptocurrency.

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According to the regulators report, cryptocurrency has become a very popular financial tool. But at the same time there have been increased cases when crypto-coins are used for illegal money laundering and the financing of terrorist acts.


Cryptocurrency licensing in the Netherlands

The main proposal, which was made public in the report, is the creation of a licensing system for exchangers and exchanges (which have "crypto-fiat" tradingTrading
– is an economic term that means the process of independent trade, independent analysis of the market and the conclusion of trade transactions.Details
pairs). Also, according to the report, verification is necessary followed by licensing of services and companies that provide crypto-storage services (wallets).

Both financial authorities stated that cryptocurrency is a safe financial instrument. However, in "uncontrolled" conditions, digital money can negatively affect the economy of the Netherlands.

"(...) risks must be effectively addressed, which can be achieved as a result of the international coordination of countermeasures provided by AMLD5 (Fifth European Anti-Money Laundering Directive)" – from the report.

Two bodies said they recommend a licensing regime instead of an adopted registration system. According to the financial council, the licenses will preliminarily assess the prospect of crypto products entering the market. That is, whether the parties involved will comply (are they able to comply) with the rules of the AMLD5.

"The registration regime will be less effective because it allows only a limited substantive assessment of the parties" – from the report.

The report also presented possible schemes for crypto-licensing. In particular, the assessment of exchangers, wallets at the ICOICO
(Initial Coin Offerings) is an acronym, which means a primary currency offer. Details

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In the Netherlands, the crypto-sphere licensing scheme was made public. Recall that this is not the first time that local regulatory agencies are trying to license cryptocurrencies. For example, the Japanese authorities have announced the future of licensing crypto companies, as well as the binding of digital money to the national currency.

Editor: Alyona Nabok

See also: "Swiss crypto-maker receives $ 15 million from the SBI Japanese group"

#centralbank #cryptocurrency #licensing #exchangers #cryptowallet



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