A provider offers exchange services when it effects transactions or enables customers to effect transactions in which virtual currencies are exchanged for fiduciary currencies or vice versa.
Service providers can effect or facilitate exchange transactions in various ways. They may for example bring together the buying and selling intentions of third parties with respect to cryptos so as to create an agreement in accordance with the rules of the platform. Alternatively, they may act as a counterparty or as a broker, or effect or facilitate exchange transactions by way of automated teller machines (ATMs). This is a non-exhaustive list of examples.
The Explanatory Memorandum to the Act implementing the AMLD5 clarifies that a party effectively administering an ATM is considered to be the party providing the exchange service, rather than the party making the ATM available, such as the owner of a retail outlet in which it is placed.
Providers of such exchange services only need to register if they provide these services in a professional capacity or on a commercial basis in or from the Netherlands.
On 14 July 2023, De Nederlandsche Bank (DNB) imposed an order subject to penalty on Payward International Markets Limited (Payward International), operating under the trade name Kraken.
Read more Order subject to penalty imposed on Payward International Markets Limited for offering crypto services in the Netherlands without registration
Supervisory authority De Nederlandsche Bank (DNB) is submitting a new anti-money laundering approach to financial institutions and other stakeholders as part of a public consultation. In a policy document presented today [...]
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DNB has conducted a series of examinations to assess financial institutions’ compliance with sanctions regulations and, more specifically, whether their compliance operations are fit for purpose. We are happy to share the results of these investigations.
Read more Sanctions Act examinations: room for improvement, but sector shows strong commitment to compliance
Did you know that you can track the status of your assessment application in My DNB? As of 11 May 2023 you can see the status of your assessment application in My DNB – Supervisory Applications Service.
Read more New: status of your assessment application with DNB
