Crypto.com Gets Green Light From Dutch Central Bank!29. July 2023
•Crypto.com has received registration approval from the Dutch Central Bank as a crypto services provider.
•This follows a comprehensive review of Crypto.com’s business and compliance in line with the Netherlands’ Money Laundering and Terrorist Financing Act.
•Other registered crypto businesses include BitPay, Bitstamp and Coinbase’s European arm.
Crypto.com Receives Registration Approval From The Dutch Central Bank
Cryptocurrency platform Crypto.com has been approved by De Nederlandsche Bank (DNB), the Dutch central bank, to operate as a crypto services provider following a comprehensive review of its business and compliance practices in line with the Netherlands’ Money Laundering and Terrorist Financing Act. This adds to Crypto.com’s regulatory license momentum, joining other registered crypto businesses like BitPay, Bitstamp, and Coinbase’s European arm that have already been approved by DNB.
Regulatory Licenses Momentum for Crypto Platform
In addition to its recent approval from DNB, Crypto.com has also secured licenses from various jurisdictions worldwide including a Major Payment Institution (MPI) license for Digital Payment Token (DPT) services from the Monetary Authority of Singapore, registration as a crypto-asset business from the UK’s Financial Conduct Authority (FCA), and authorities in Dubai, South Korea, Australia, and the USA among others.
Prominent Crypto Platforms Bidding Adieu To The Netherlands
Despite this news of an additional platform being approved by DNB, prominent exchange Binance is leaving the Netherlands after its application was rejected by regulators last month. Consequently, Dutch residents will only be able to withdraw their assets from Binance starting July 17th without any further trading or deposits possible on the platform going forward.
Current Status Of Cryptocurrencies In The Netherlands
The Netherlands currently does not have specific legislation with respect to cryptocurrencies other than their implementation of Fifth Anti-Money Laundering Directive which requires companies providing cryptocurrency services to register with DNB before operating within their jurisdiction as a preventative measure against money laundering activities taking place within their borders using virtual currencies like Bitcoin or Ether.
CEO’s Comments On Regulatory Compliance Milestone
Kris Marszalek CEO of Crypto.com expressed his excitement on this milestone achievement while emphasizing that collaborating with regulators is paramount for any company in this industry to move responsibly forward: “This registration approval from De Nederlandsche Bank is a significant milestone for our business and the latest testament to our commitment to compliance.”