Suppliers of cryptovaluta and wallets to the Dutch market, as of 10 January 2020, under the supervision of The Dutch central Bank (de nederlandsche bank). The central bank is, in fact, the Law on the prevention of money laundering and the financing of terrorism (money laundering) be maintained.
This also has implications for you as a customer. For your information, under this act, under certain conditions, be shared. This can be, for example, a bitcoin address and link it to your bank account if you cryptomunten you have purchased.
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Supervision of the cryptosector
The government should, starting in January 2020, the European union’s anti-witwasregelgeving (AML5 regulation, eds.), enshrined in the law. In the Second Room there is a legislative proposal of the minister of Finance, Hoekstra, the existing laws have to be revised.
What is new is that the cryptosector under this act are going to fall off. This week, did the regulator, the DNB, the emergency call is made to the business to occur prior to september 23, 2019 and to actively sign up.
Suppliers of cryptovaluta and wallets, fall under the target audience. According to the DNB, the companies that ” as a gatekeeper function in the financial system and the world of cryptovaluta’.
The government is therefore proposing a number of requirements as to unusual transactions to be reported in a separate body, the Financial Intelligence Unit (FIU). Also, a background check is one of the options.
There are also the questions: what is the level of supervision and what are the klantendata need to be shared? How to go to the mixers in order to the transactions on the blockchain to anonymize?
That should be in the next few months and more clarity to come.
DNB’s supervision and to be registered: reactions
What is the cryptobedrijven here is yourself and how are they prepared for this? Bitcoin Magazine-NL conducted a survey of the field. A few of the responses:
Bitcoinmeester
Mitchel Zandwijken, the founder of the Bitcoinmeester, and says that she is a suspicious transaction is already active, log in:
Since our existence, we have solid KYC and AML procedures, know-your-customer and anti-money laundering and red).
With a very rigorous monitoring protocol that we are any suspicious transactions, previously intercepted from the bank. We reported this already to the banks and the authorities.
Crypto2Cash
Peter-Jan Datema, the founder of the Crypto2Cash, and has, in the past, in the Netherlands Pay and Wisselmaatschappij (Nbwm) have previous experience with the financial supervision act. There is also a different company, under the supervision of the central bank of Singapore in Singapore. He said:
We have an internal future-proof the system was built and was given to the Dutch central bank and the Financial Intelligence Unit.
We believe that this market will help to grow up to be, dark and service providers to make it disappear.
We were looking for might be in a different country to start a business because they have the licenses for the computer is to be sold, but right now we have a reason to stay at home.
Litebit
Olivier van Duijn, ceo of Litebit will respond as follows:
We are also, compared to the more regulatory intervention in the market. We have policies and resources in the areas of KYC and AML, and to take the necessary measures to prevent and investigate fraud, money-laundering and the financing of terrorism, to prevent it.
Also, there is a lot of time was invested in the development of a system that is kind of unusual and suspicious transactions, trace, and freeze. We are working with the cooperation of all relevant authorities.
It is mainly the detail and the precise way in which DNB’s supervision, and the register will give you. It is assumed that, in the short term, it is clear.
The BTC Immediately
Show Schraven, marketing manager at BTC Direct, commented:
We are going to us, of course, keep a record of when this will be possible.
On the basis of the existing laws, rules and regulations, and to pass the bill, we are well-prepared for it. Therefore, we believe that we will fully comply with the legislation, which next year will be introduced.
Through a comprehensive monitoring system will be irregularities in the transactions made on the note. We are going to in the near future to actively report it to FIU.
Based on the responses, we can see that the Dutch industry is prepared for the upcoming reform of the law. To be continued.
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