Dutch Central Bank to Ban Local Unregistred Exchange

Additionally, the office believes that cryptocurrencies are vulnerable to the cyber crimes
03 September 2019   568

The Dutch Central Bank this Tuesday announced that it will begin to regulate companies providing cryptocurrency-related services on January 10, 2020.

In concrete terms, firms offering services for the exchange between cryptos and regular money, and crypto wallet providers, must register with De Nederlandsche Bank.
 

The Dutch Central Bank

Cryptocurrency companies in the Netherlands will be regulated in accordance with the Fifth European Union Anti-Money Laundering Directive.

Cryptos are vulnerable to financial crime, which is why it is important to set up integrity supervision now.
 

The Dutch Central Bank

In addition, the Netherlands Bank will evaluate board members of cryptocurrency companies.

Once a firm is registered and we have assessed board members and other policymakers, we will monitor that it complies with the rules on money laundering and terrorist financing. Firms that do not register will no longer be allowed to provide crypto exchange services and wallets.
 

The Dutch Central Bank

Well, interesting times are in head of the 

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   233

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.