Crypto.com receives approval from the Dutch central bank after satisfying AML and ATF compliance requirements.
Crypto.com, a Singapore-based crypto platform, has officially registered as a crypto service provider in the Netherlands after receiving approval from the country’s central bank, De Nederlandsche Bank (DNB).
In a July 28 announcement, Kris Marszalek, CEO of Crypto.com, said the approval is a “significant milestone” for the platform, exemplifying its “commitment to compliance”.
“We look forward to continuing to work with DNB and other regulators around the world,” he added.
Founded in 2016, Crypto.com is one of the most popular crypto platforms in the world, with more than 80 million customers worldwide.
Other exchanges such as Binance and Coinbase however have felt a much heavier hand from Dutch regulators.
On June 16, Binance announced it would be withdrawing its operations in the Netherlands after it failed to obtain the sought-after Virtual Asset Service Provider (VASP) licence from Dutch authorities. This licence confirms compliance with key security measures such as Anti-Money Laundering (AML), Countering the Financing of Terrorism, Know Your Customer (KYC).
The previous year, in 2022, Binance was slapped with a $3.35 million fine for providing services in the country without necessary authorizations.
Coinbase was similarly slapped with a $3.6 million fine from Dutch regulators following “very serious” registration breaches.
MiCA is set to change the EU regulatory landscape.
On May 17, the EU’s Markets in Crypto-Assets (MiCA) legislation received unanimous approval from finance ministers.
MiCA is a landmark piece of legislation that provides clear and robust rules for crypto providers in the EU. It will come into full effect in 2024.
Crucially, MiCA harmonises crypto regulations across all 27 EU member states, including the Netherlands. This means that a crypto service provider found to be compliant in one EU member state, such as Spain, Germany, France or other, will be compliant in all 27.
The regulation has received industry-wide praise. Gemini CEO Tyler Winklevoss said that “While US regulators have been busy infighting and refusing to provide the most basic of clarity for the crypto industry, the European Union just approved the MiCA regulation, which provides a comprehensive regulatory framework for crypto in Europe.”
Binance CEO Changpeng Zhao similarly said, “There are now clear rules of the game for crypto exchanges to operate in the EU. We’re ready to make adjustments to our business over the next 12-18 months to be in a position of full compliance”.
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