- The DNB is registering all businesses serving Dutch nationals in and without the Netherlands.
- Cryptocurrency services providers have six months to comply with the directive.
The regulatory environment in Europe is set to become tougher as the Dutch central bank takes up a regulatory and oversight role for all cryptocurrency firms offering services within and without its jurisdiction.
The new directive will become effective on January 10, 2020. It requires that all firms or persons handling the exchange of crypto-to-fiat currencies including those offering deposit services for cryptos register with the De Nederlandsche Bank (DNB).
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The announcement, released on Tuesday demands that entities serving Dutch nationals outside of the Netherlands undergo the process as well.
“It is irrelevant whether they are established in the Netherlands. Also providers that offer such services from another EU member state “¦ for example via a website, must register, regardless of whether the provider is already registered in that member state,” a DNB representative said in a Q&A session.
The bank has given crypto services providers a grace period of six months to comply with the directive. The firms and persons not registered by January 10, 2020 will be directed to close up shop.
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