Dutch Central Bank Registers First Cryptocurrency Provider Amdax B.V. — Under European Guideline AMLD5 – Blockchain News, Opinion, TV and Jobs
Based in the heart of the Netherlands financial world, Amsterdam-based Amdax B.V. has been given a green light and officially registered by De Nederlandsche Bank (DNB) as the first provider of cryptocurrency services in the Netherlands.
The registration will allow AMDAX to process crypto transactions and store cryptocurrencies.
The Dutch government has been somewhat bullish on cryptocurrencies and since May 21st, 2020, it’s applying new legislation related to cryptocurrency, based on European guideline AMLD5.
Starting at 2.5 BTC, AMDAX supports retail and professional traders and businesses with a portfolio for trading cryptocurrencies, secure storage, and insured custody — bringing more credibility and security to the emerging market.
The AMDAX registration process kicked off on May 21st took four months. The European guideline AMLD5 for crypto regulation focuses on the prevention of money laundering and terrorist financing and the Dutch have packed on stricter, more additional requirements, including criteria for the assessment of clients and for tracing the origin of the money they want to invest.
A mature asset class With its DNB registration, AMDAX intends to contribute to the adoption and acceptance of crypto.
“We are very proud we have obtained this registration as the first crypto company in the Netherlands,” said Valentino Cremona, co-founder and director at AMDAX.
“DNB justly applies high standards for this registration. Bitcoin and other cryptocurrencies 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 cryptocurrencies 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”.
AMDAX B.V. is the first provider of crypto services in the Netherlands that is registered (number R166879) with De Nederlandsche Bank N.V. (DNB).