The Dutch Central Bank has granted Crypto.com registration, and here's what that means

  

Contents

• Enhancing Crypto Access: Dutch Central Bank Welcomes Crypto.com
  
•  Empowering Users Globally: Crypto.com's Regulatory Endorsements Spanning Nations
• Major Crypto Exchanges Leave the Netherlands
  

 

Crypto.com, a cryptocurrency platform, has been officially recognised as a cryptocurrency service provider by the Dutch central bank, De Nederlandsche Bank (DNB).

The clearance comes after a "comprehensive review of Crypto.com's business and compliance in line with the Netherlands' Money Laundering and Terrorist Financing Act," the firm said in a statement, adding to the company's regulatory licence momentum.

Enhancing Crypto Access: Dutch Central Bank Welcomes Crypto.com

There are already 36 crypto firms registered with the Dutch central bank. These businesses include BitPay, Bitstamp, and Coinbase's European branch. The central bank noted that now that Crypto.com has been approved as a crypto service provider, it may provide consumers a crypto custodial wallet in addition to exchange services from fiat to virtual assets like Bitcoin (BTC) and Ether (ETH).

CEO Kris Marszalek said that the business places "paramount importance" on working with authorities to advance the sector responsibly.

    As stated on the company's website, "This registration approval from De Nederlandsche Bank is a significant milestone for our business and the latest testament to our commitment to compliance."

Empowering Users Globally: Crypto.com's Regulatory Endorsements Spanning Nations

Crypto.com holds authorizations from regulatory bodies in many countries. These include a Singaporean Major Payment Institution (MPI) licence for Digital Payment Token (DPT) services, a UK Financial Conduct Authority (FCA) registration as a crypto-asset business, and similar authorizations from the UAE, South Korea, Australia, and the USA.

Major Crypto Exchanges Leave the Netherlands

The biggest cryptocurrency exchange in the world, Binance, announced its departure from the Netherlands last month after its application to register under the Dutch crypto approval framework was denied.

The exchange said that as of July 17th, Dutch citizens could only withdraw their funds and could no longer trade or make deposits.

Other than the Dutch application of the Fifth Anti-Money Laundering Directive (5MLD) in the Dutch Money Laundering and Anti-Terrorist Financing Act (Wwft), however, the Netherlands lacks crypto-specific law.