New Bitcoin Licensing Systems to be Introduced for Crypto Businesses in the Netherlands

Netherland continues to make efforts to reduce anonymous crypto selling. In a piece of advice that the Netherlands Authority for the Financial Markets and De Nederlandsche Bank have handed over to Minister Hoekstra of Finance, they argue that the government must, therefore, introduce a licensing system. The minister immediately announced that he would take over the advice.

The Dutch banking institution claims that such measures will help deter money laundering related activities as well as prevent terrorists from using “crypto for funding their arms etc”. For companies to obtain this new license, they will have to report any “unusual transactions” as well as complete a series of KYC checks that ensure the identity of their clients. All of this, according to the Dutch Central Bank, has been done because of the decentralized, anonymous nature of the crypto market.

Hoekstra had asked that crypto trading platforms and wallet required a permit to operate. They insisted on regulations against speculation but since the interest in cryptos is reducing, they moved their efforts to the prevention of money laundering.

All EU Member States now have to introduce these stricter rules for the beginning of next year, and it is up to the countries themselves how exactly they are shaping them. The Dutch government opts for a system with permits. That is to say: every party that wants to be able to offer transactions from ‘ordinary' money to cryptocurrencies, and some wallet managers, must apply for a license to continue to do so.

This means that they will be tested before they are granted a license, for example to the question of whether they are able to collect all these data and to deal with them in a responsible manner. There are 30 firms that should apply for the permit or they will be punished. The exact punishment is still to be decided.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,468FansLike
2,795FollowersFollow
4,196FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

US Court Tosses Appeal in Child Exploitation Case; Accessing Coinbase Account Didn't Violate Fourth Amendment Rights

Richard Gratkowski, convicted of purchasing and receiving child pornography, and accessing websites with an intent to access child porn, was sentenced to 70 months...

Lebanon’s Fiat Currency, the Lira, Drops 50% of Its Value in 10 Days Due to Hyperinflation

Lebanon's financial crisis is only deepening with each passing day, as the country is engulfed in hyperinflation. An unofficial report suggested that the value of...

Bitcoin-based Startup Zap Opens Strike for Public Beta And Plans to Release Visa Rewards Card

Jack Mallers, Zap founder, revealed on Thursday that Zap’s Strike product, which enables individuals to receive Bitcoin in US dollar form through direct bank...

Techemy Capital Plans To Launch Compound (COMP) Investment Portfolio for Yield Farmers

Techemy Capital, a New Zealand based digital asset investment firm and fund management, announced the planned launch of new DeFi strategic investment products next...

Bitcoin Retail Investors will Eat Up All the New Supply Starting 2028: Report

The latest study titled, “Retail Investors Steady in Physical Bitcoin Snatch-Up” talks about how the remaining 10% of bitcoin supply will take 120 years...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today