Netherlands Proposes Licensing for Crypto Service Providers

 

 

 

The Netherlands is proposing a measure that would require cryptocurrency service providers to seek licensing approval to operate in the country, according to a December 11 report from De Telegraaf.

The report suggests that the licensing plan will help to prevent “virtual coins being used to launder criminal money or to fund terrorism.” The plan would require crypto service providers like exchanges to implement better controls to properly identify their customers and report suspicious crypto transactions.

The measure would empower the central bank, De Nederlandsche Bank, to monitor service provider compliance.

The licensing scheme is apparently part of a broader bill that addresses a variety of money-laundering concerns:

Interested parties may still respond to the bill. This includes more measures that must reduce money laundering risks. In this way stricter rules for the art trade and brokers will also be introduced.

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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