Soon, enterprises working with cryptocurrency will need a special permit from the Bank of the Netherlands (DNB). In this way, the finance ministry hopes to prevent money laundering.
This became clear from the bill published yesterday, where the cryptocurrency is included in the law on combating money laundering and terrorist financing (Wwft). This proposal aims to prevent the laundering of criminal money and the financing of terrorism using cryptocurrencies such as bitcoin. Until now, there has been no special supervision over risky investments or other financial risks associated with investing in computer money.
Under the new bill, businesses offering e-money services, such as currency exchange services, e-wallets / accounts, conduct identity checks on their customers, and report unusual transactions to the financial intelligence unit of the Netherlands. And the Netherlands Bank will check whether the business meets their security requirements.
Publication Date: 13.12.2018
