Dutch Central Bank Gives Crypto Firms Ultimatum to Register

The Netherlands’ central bank, De Nederlandsche Bank (DNB), has issued an ultimatum to all fiat-supporting cryptocurrency service providers to register with the institution by May 18.

In a news release published on May 4, the DNB told companies that following the Dutch Senate’s vote in favor of an Implementation Act amending the European Union’s fourth Anti-Money Laundering Directive on April 21, the Act’s statutory requirements will soon be coming into force.

The strict two-week deadline to register with the DNB is only necessary for those providers offering fiat-crypto conversion services or cryptocurrency custody. 

Companies’ draft registration applications will have their requests automatically converted into formal ones by the implementation date, under the terms of a transitional arrangement. Outstanding fees will be required, the DNB indicated.

Any provider who fails to submit a draft application by the deadline will be forced to cease their activities.

Those who…