Dutch central bank registers first cryptocurrency company

Amsterdam Digital Asset Exchange (AMDAX) became the first cryptocurrency company with a license from the Dutch central bank.

20201001 PR Registratie DNB ENG by ForkLog on Scribd

The registration will allow the service to process cryptocurrency payments and provide custodian services in accordance with the European Union’s Fifth Anti-Money Laundering Directive (5AMLD EU).

Earlier, amid tightening EU regulation, the Netherlands’ cryptocurrency industry faced extinction. Nevertheless, AMDAX co-founder Valentino Cremona called the stringent regulatory requirements for startups “quite warranted”. In his view, the market needs clear legal frameworks.

“With the central bank’s approval, we are showing investors that cryptocurrency is a mature asset class. It is not for criminals and fraudsters, but for savvy investors,” the statement said.

In May 2020, the Dutch central bank threatened to close local cryptocurrency companies if they did not register within two weeks. The regulator argues that this window is sufficient to complete the procedure.

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