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Crypto News

Central bank in Netherlands approves first crypto service under AMLD5 statues

Nicholas Say
Nicholas Say

De Nederlandsche Bank NV (DNB), which is the central bank for the Netherlands, has granted AMDAX BV the right to do business in the Netherlands.  AMDAX BV offers crypto services to both individuals and companies. The company stated that, “AMDAX B.V. has been registered by De Nederlandsche Bank (DNB) as the first provider of crypto services in the Netherlands. This enables AMDAX to process crypto transactions and store crypto currencies.” The Netherlands has committed to strict enforcement of the EU's AMLD5 regulations, which are designed to prevent money laundering within the Eurozone's banking system. As a result, few crypto companies can operate in the nation.

The crypto regulations that have emerged in Europe are clearly holding back development of blockchain and the crypto industry. The Netherlands has taken an especially strict view on how the AMLD5 regulations should be enacted, which is why there is only one accredited company in the nation. Recent research suggests that the vast majority of money laundering is done via the established banking system, so these regulations are far more effective at stifling development than combating money laundering. With so few opportunities for companies to grow under these regulations, the EU nations are likely to be crypto client-states as innovation happens in other regions.

Reddit user joris commented the news:

Netherlands always frontrunners on tech. They have tons of exchanges, fiat onramps, start ups and more. Also the most shops accepting BTC in one city. You can basically live with Bitcoin in the Netherlands. The tax situation they have right now doesn't help but im sure it will change long term.