Dutch central bank grants first crypto approval under new EU directive

After implementing an EU anti-money laundering directive, the Netherlands is allowing a crypto company again for the first time.

De Nederlandsche Bank NV (DNB), the central bank of the Netherlands, has granted AMDAX BV approval

This is also the first time that a crypto company has received approval after the implementation of a new EU directive that previously forced many other crypto companies to cease operations or migrate.

The approval by the central bank enables the Amsterdam-based AMDAX BV to legally offer crypto services to the Dutch public, according to a press release on October 7th .

The crypto company states to Cointelegraph:

“AMDAX BV has received approval from De Nederlandsche Bank (DNB) to be the first crypto service provider in the Netherlands. This means that the AMDAX is now allowed to process crypto transactions and store crypto currencies. “

Companies in the field of financial technology in the Netherlands have to adhere to the guidelines of the European Union (EU), which have become increasingly stricter in recent years . Including the latest anti-money laundering policy known as AMLD5.

In September 2019, the DNB decided that all crypto companies must register with the central bank. The corresponding applications for approval could be submitted from January 2020.

AMDAX BV, which caters to both individuals and companies, started applying for a permit in May. Other crypto companies had their operations in the Netherlands because of AMLD5 previously set or were forced to emigrate. Including the popular crypto trading platform Deribit, which migrated in January 2020 .

AMDAX BV is now the first crypto company that is allowed to operate under the new type of approval. „The DNB sets very high standards for this approval“, as AMDAX BV co-founder Valentino Cremona states. To this end, he adds:

“The market needs a clear legal framework, the guidelines of the DNB are a good example of this. This approval shows investors that cryptocurrencies are a market-ready asset class that is there for smart investors and not for criminals. “

Finally, the AMDAX writes in its announcement: “All crypto companies need this approval, because without it they are not allowed to operate in the Netherlands. All other crypto companies have until November 21st to receive such approval. “

In other countries, too, crypto regulation is becoming stricter, with the American supervisory authorities recently bringing charges against the crypto trading platform BitMEX, including allegations of money laundering.