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The Dutch Central Bank says 39 companies have applied for encryption services under the new regulations

The regulator told news.Bitcoin.com that 39 companies have applied for registration with the Dutch Central Bank to provide cryptocurrency services. They include cryptocurrency exchanges and custodial wallet providers.

Dutch Central Bank starts to register crypto service providers

The Dutch central bank De Nederlandsche Bank NV (DNB) has begun to actively register companies to provide cryptocurrency services.

Due to the implementation of the fifth EU Anti-Money Laundering Directive (5AMLD), exchange service providers and custodial wallet providers between cryptocurrency and legal tender must apply for registration with the central bank. They must demonstrate compliance with the requirements of the Money Laundering and Terrorist Financing (Prevention) Act and the Sanctions Act 1977.

The implementation of 5AMLD took effect in the Netherlands on May 21. Since then, cryptocurrency service providers can only carry out their activities when they are included in the central bank’s public register.

A spokesperson for the Dutch Central Bank told news.Bitcoin.com:

So far, we have received 39 applications.

According to the public register on the central bank’s website, four companies have been registered to provide encryption services. They are 2525 Ventures based in Rotterdam, Amdax based in Amsterdam, Blox based in Nijmegen and Phoenix Payments based in Veghel.

2525 Ventures also operates under the trade names Litepay, Lightpaid, Lightbit, Litewallet, Litedeal and Litebit. Phoenix Payments also runs as Anycoin Direct.

Anycoin Direct Chief Financial Officer Bram Ceelen commented: “We are very proud that we are one of the first participants to successfully complete the registration process.”

Going through this process is a daunting challenge. In order to meet the registration requirements, we have made major adjustments to the order process.

Companies that have provided cryptocurrency services before May 21 and applied for registration before that date can continue their crypto activities during the registration process.

It explained that the central bank “only monitors compliance with the Money Laundering and Terrorist Financing (Prevention) Act and the Sanctions Act 1977.” “Registered companies are not subject to DNB’s prudential supervision or AFM’s conduct supervision [Authority for the Financial Markets]. This means that financial business risks are not monitored and there are no specific financial consumer protection measures. “

What do you think of the Dutch central bank registered encryption service provider? Let us know in the comments section below.

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