Short Reads

Supervision of crypto services

Supervision of crypto services

Supervision of crypto services

06.09.2019 NL law

On 3 September 2019, De Nederlandsche Bank ("DNB") published a press release in which DNB points out to providers of crypto services that they should prepare for imminent DNB supervision. Companies facilitating the exchange of crypto currency for normal money and companies that offer crypto wallets will have to comply with a registration obligation from the beginning of 2020.

This obligation to register arises from the revised European anti-money laundering directive (AMLD5). The directive is expected to be implemented in the Netherlands on 10 January 2020; the bill regulating the implementation of this directive was submitted on 2 July 2019 and is currently under discussion in the House of Representatives. Crypto service providers must be able to demonstrate that their processes are adequately safeguarded against money laundering and terrorist financing, and that directors and policymakers have proper command of these processes. Once the registration has been made and the directors have been assessed, DNB will continue to supervise the companies to ensure compliance with money laundering and terrorist financing rules. In addition, holders of a qualifying holding in the provider (a capital or voting interest of 10% or more), and their directors, must be tested on integrity. Companies that do not register with DNB are no longer allowed to perform crypto services or to offer crypto wallets.

DNB asks companies that offer crypto services, or intend to provide such services, to already begin reporting their activities to DNB. This early reporting offers benefits to both the provider and DNB; companies will be well-prepared for the registration obligation in good time, allowing them to continue to offer their services in 2020. At the same time, DNB can enter into discussions with them about the design of supervision and provide guidance during the process. Finally, DNB can ascertain how many companies will be subjected to supervision.

This short read was written together with Lisanne Baks, Corporate Support Lawyer at Stibbe.

Team

Related news

21.02.2020 NL law
Podcast: Data en financiële instellingen

Short Reads - In deze podcast praten Roderik Vrolijk en Frederiek Fernhout van Stibbe in Amsterdam en Joran Iedema van Stibbe StartsUP-deelnemer Dyme over Fintech, PSD2 en het gebruik van data door financiële instellingen. Aan de ene kant biedt nieuwe regelgeving zoals PSD2 nieuwe mogelijkheden, aan de andere kant neemt de regeldruk en het toezicht op bescherming van persoonsgegevens toe.

Read more

06.02.2020 NL law
Wet wijziging van de Handelsregisterwet 2007 in werking getreden

Short Reads - Op 1 januari 2020 is de Wet tot wijziging van de Handelsregisterwet 2007 in werking getreden. In deze wet worden naast wijzigingen in de Handelsregisterwet 2007, ook wijzigingen doorgevoerd in Boek 2 BW. Enkele onderdelen van deze wet, onder meer het wettelijk kader voor het registreren van civielrechtelijke bestuursverboden, treden later in werking.

Read more

This website uses cookies. Some of these cookies are essential for the technical functioning of our website and you cannot disable these cookies if you want to read our website. We also use functional cookies to ensure the website functions properly and analytical cookies to personalise content and to analyse our traffic. You can either accept or refuse these functional and analytical cookies.

Privacy – en cookieverklaring