It has been reported that De Nederlandsche Bank, the central bank of the Netherlands has issued an ultimatum that all the companies dealing with fiat supporting cryptocurrency services will have to register with the institution. The deadline, according to a press release that came out on 4 May states that the completion of registration for all fiat cryptocurrency operating companies is fixated on 18 May. Moreover, DNB states that the deadline will be stringent.
A warning added to the issuance of the ultimatum is that the companies or firms providing fiat supporting cryptocurrency services should take the deadline seriously. Failing to adhere to the deadline will cause them to cease their operations. A draft of the application needs to be submitted to DNB before the registration process.
DNB also warns that any service provider that continues to operate after the submission of the draft before the completion of registration will have its draft of application compromised.
Netherlands’ Response to the European Union AML Measures
While the European Union’s Anti-Money Laundering Directive has already been implemented by the organization, the operations of the implementation of the amending acts of 4AMLD have been on hold in the Netherlands as it has missed out on the deadlines.
This has pushed the European Union to issue its own ultimatum to the Dutch legislature. It has also been reported that the latest 5AMLD regulations have not been properly functional and have raised serious concerns about the costs and burden on the smaller companies which are in compliance with the directive.
De Nederlandsche Bank to Take Up Charge of R&D
Meanwhile, DNB is willing to play a leading role by taking up charges of research and development of not only its own digital currency but also the digital currencies of the European Union.