Supervisor De Nederlandsche Bank (DNB) last year initiated eighteen cases against crypto firms that did not have a license, according to a statement. document TRUE Financial Times Write about Thursday. 14 cases have been successfully completed, two are still pending, and another two are undergoing enforcement action.
Crypto companies wishing to operate in the Netherlands are required to apply for a DNB license from 2020, so that the central bank can supervise the operations and money flows on the exchanges. Not all foreign cryptocurrency providers do this, and DNB starts filing a case if it suspects companies are not adhering to the rules.
Last year, the regulator initiated eighteen such cases. In fourteen cases, companies eventually applied for a permit or moved abroad. Two cases are still pending, and in two cases enforcement action has been taken. The bank doesn’t say what that means, but it may involve fines or periodic fines. It is also not clear which companies will participate.
In 2020, all crypto companies still had to run money laundering checks. To do this, they had to know the identity of all their customers and be able to verify them. This resulted in a lot of additional costs, and as a result many small businesses had to close their books.
At the end of 2021, 27 crypto companies were registered with De Nederlandsche Bank.
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