Being white-listed is the only way for non-European crypto companies to remain active in The Netherlands and likely the rest of the European Union. This is something every country needs to decide on its own. According to Tobias Oudejans from the Dutch Central Bank countries will only be white-listed when they have comparable regulations in place for cryptocurrency companies.
“There is an exception on the ban, but that’s up to the Minister. For now there’s no such white-list with countries”, Oudejans explained to Nederob.nl. The law requires cryptocurrency companies that offer wallets or trading options to have anti-money laundering and know-your-customer systems in place.
On January 10th 2020 a new European regulation requires all countries to comply. This way the European Union wants to get more insight in crypto traffic. The limitations of the law are rather loose. Because any “digital representation” that can be “transferred, stored and traded electronically” will fall under the new law.
Companies with an office inside the European Union will need to comply with these regulations. As a result companies from Germany or Spain can do crypto-related business in The Netherlands without any problems. However, when a company conducts business in The Netherlands they do need to register themselves with the Dutch Central Bank. Obviously British crypto companies would get in trouble at this point as soon as Brexit happens.
Crypto regulations in Europe
Last week the Dutch Central Bank announced its plans for the regulation of cryptocurrency companies. All companies that offer wallet services or financial trading option need to register. After that, board members need to show that the company is well equipped to battle anti-money laundering and the financing of terrorism.
The new rules in The Netherlands are part of an EU wide operation. The European Union wants to get more insight in crypto traffic. The limitations of the law are rather loose. Because any “digital representation” that can be “transferred, stored and traded electronically” will fall under the new law. The rules don’t apply to crypto alone, but also to art and real estate.
Also published on Medium.