Unregistered Dutch crypto firms now face the prospect of closing their doors as the Netherlands’ enhanced anti-money laundering laws (AML) comes into force today, May 18th.
The amended Fourth Anti-Money Laundering Directive (AMLD4), which the Dutch Upper House passed on April 21, cites that companies offering crypto-to-fiat or crypto custodial services must register before the May 18th deadline or face consequences. Firms that offer crypto-to-crypto are not required to register.
A De Nederlandsche Bank (DNB) bulletin explains that crypto companies are now compelled to register and pay a fee.
The Netherlands’ central bank also highlights that those who fail to comply before will be penalized.
“If you have not submitted a draft application prior to the entry into force of the law, you cannot make use of the transitional arrangement and you must, therefore, cease your existing activities. If you are active without being subject to the transitional arrangement, this may have an effect on the assessment of your (subsequent) registration application. You will also be in violation and DNB can take enforcement action.”
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