An act against illegal crypto-currency firms is taken by the Dutch central bank: FD

    For the first time, the Dutch government has taken action against unlawfully running crypto currency enterprises, according to the Financieele Dagblad on Thursday.

    Many overseas crypto currency businesses are not registered with the central bank, which threatened legal action against them last year because uncontrolled enterprises do not comply with anti-money laundering standards.

    According to the FD, the bank initiated legal action against 18 firms last year, and in 14 of those cases, the crypto currency firm either departed the Netherlands or registered with the central bank.

    Two instances are still pending, while two others have been handled, but the bank has refused to identify the firms involved.

    Since the introduction of new regulations to prevent money laundering in the Netherlands in 2020, crypto currency enterprises have been compelled to legally authenticate the identity of all their clients.

    Dutch crypto currency enterprises, which are regulated by the central bank, believe that they are being disadvantaged by overseas operations, who do not incur the same expenses and can thus charge cheaper fees to consumers.

    According to the FD, some 1.2 million persons in the Netherlands are estimated to invest in cryptocurrency, with many of them using businesses like as, Kraken, and Binance that are not registered with the central bank.

    Latest stories

    - Advertisement - spot_img

    You might also like...