Crypto Firms To Be Regulated By Next Year, Says Dutch Central Bank

Crypto Firms To Be Regulated By Next Year, Says Dutch Central Bank

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The De Nederlandsche Bank, the central bank of the Netherlands, has stated that crypto firms will start being regulated by early next year.

The bank has pinned January 10th as the date on which cryptocurrency-related services will begin to be regulated. This means that any such company will have to register via the proper channels with the bank if they wish to stay within the parameters of Dutch law.

A statement announcing the news explained that “in concrete terms, firms offering services for the exchange between cryptos and regular money, and crypto wallet providers, must register with De Nederlandsche Bank.”

While full details are yet to be fully established, rumours are circulating that this may be a response to financial crime and money laundering concerns voiced by Dutch ministers. Back in May, a Dutchman was arrested by police in the sleepy town of Apeldoorn suspected of being a key player in a cryptocurrency mining scam.

Previously also, the Dutch Minister of Finance was advised by the central bank, as well as leading financial authority within the Netherlands, to start working towards potential ways to legislate the growing industry. This is despite the fact that cryptocurrencies are still not considered legal tender within the country.

They will become the latest nation to look toward regulation, following the UK’s tax regulatory body, HMRC launching a crackdown on cryptocurrency tax avoidance. The organisation requested details from leading UK cryptocurrency exchanges to provide customer details back in August.

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