Time is up for crypto-currency companies to register in the Netherlands under the new anti-money laundering (AML) rules

The deadline is here: On May 18, unregistered Dutch crypto companies could face sanctions if they do not comply with the new Dutch anti-money laundering laws (AML), passed by the Dutch upper house on April 21.

According to the AML Directive, companies offering crypto services on a fiat or custody basis should have registered by today. Instead, those offering only crypto to crypto services are exempted.

The Dutch Bank (DNB), the body in charge of regulating financial activities in the Netherlands, will be obliged to comply with the mandates of the Dutch government. However, they will not issue licenses for crypto companies. Instead, paid registration will be mandatory and will cost up to 34,000 euros per year.

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Establishing specific risk profiles with the new framework
Crypto companies will be under the supervision of the regulatory authorities, as will their directors. The new legislation therefore requires these companies to establish risk profiles and to strengthen their „know your customer“ rules for assigning each risk profile.

All transactions will be continuously monitored and reassigned to these Bitcoin Revolution what happens if i lose my phone, buy and sell Immediate Edge, Bitcoin Billionaire pro review, btc gbp Bitcoin Trader, Bitcoin Code pro app android, what is The News Spy used for, Bitcoin Circuit your connection is not private, ethereum Bitcoin Evolution account, Bitcoin Profit gbp withdraw, Bitcoin Era price bitcoin profiles if necessary. In addition, transactions deemed „suspicious“ must be reported to the Financial Intelligence Unit.

DNB advised crypt companies not to take advantage of the new regulation:

„If you have not submitted a draft application before the Act comes into force, you cannot make use of the transitional provision and must therefore cease your current activities. If you carry out activities without being subject to the transitional provision, this may have an effect on the evaluation of your (subsequent) application for registration. You will also be in violation and DNB may take enforcement action.

The COVID-19 crisis has encouraged and led to the widespread adoption of the crypts

The implementation of EU AMLD5 remains controversial in the Netherlands
The implementation of the European Union AML5 standard in the country through the central bank has been the subject of debate due to the cost of the new requirements for crypto businesses.

Cointelegraph reported in April that these new compliance rates would be higher than those paid by traditional trust and credit card companies.

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Some exchanges have criticized the fact that the new regulatory framework will sacrifice the privacy of cryptomoney holders.