Amdax became the first provider of crypto services in the Netherlands under AMLD5 regulations

By Tsunami On Oct 9, 2020

De Nederlandsche Bank NV (DNB), the central bank of the Netherlands has granted Amdax B.V. the ability to operate under its jurisdiction.

According to the announced on October 7, this marks the first time a digital asset company has been approved in the country following the introduction of strict new regulations that saw many crypto-related businesses close or leave the Netherlands.

“We are very proud we have obtained this registration as the first crypto company in the Netherlands,” states Valentino Cremona, co-founder and director at Amdax. “DNB justly applies high standards for this registration. Bitcoin and other crypto currencies are often associated with crime, whereas Bitcoin is very transparent. The market needs clear legal frameworks, such as the set of requirements of DNB. This registration shows investors that crypto is a mature asset class, not for criminals, but for smart investors. Whereas a growing number of investors consider Bitcoin, as well as other crypto currencies as an interesting long-term investment, up until today they were operating on a market that was not regulated. In a time when traditional financial certainties are under pressure, we can offer clients a safe and reliable alternative. As a result of this registration, the crypto domain will also be accessible for private investors and financial institutions”.

Fintech firms in the Netherlands must abide by European Union regulations, which have tightened significantly over the last few years, including its updated anti-money laundering laws, known as the 5th Anti-Money Laundering Directive, or AMLD5.

In September 2019, the DNB ordered any crypto-involved entities to register with the bank, noting January 2020 as the starting point for any approval requests.

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