The Dutch central bank has announced that it will begin regulating firms that offer cryptocurrency-related services as of January 10, 2020.
According to Reuters, De Nederlandsche Bank clarified that relevant firms in the sector must register with the institution if they wish to continue to operate.
The bank’s official statement reportedly reads:
“In concrete terms, firms offering services for the exchange between cryptos and regular money, and crypto wallet providers, must register with De Nederlandsche Bank.”
Dutch ministers had urged the country’s government this July to regulate cryptocurrencies and certain cash payments due to money laundering concerns.
Wopke Hoekstra, Dutch Minister of Finance, in January received official advice from the Netherlands’ Authority for the Financial Markets and De Nederlandsche Bank that a licensing system should be introduced for cryptocurrency services.