With the rapid evolution of the crypto sphere, it becomes increasingly important for crypto platforms to secure the trust of steadfast regulators. A prominent example is the noteworthy achievement of Crypto.com, which recently confirmed its registration approval with De Nederlandsche Bank (DNB), the Dutch central bank, as a recognized crypto service provider.
Following an intensive examination of Crypto.com’s business and adherence to the Netherlands’ Money Laundering and Terrorist Financing Act, the green light from DNB signals yet another regulatory win for the platform. This puts Crypto.com in the ranks of 36 other crypto businesses registered in the country, among which are BitPay, Bitstamp, and the European arm of Coinbase.
In the ambit of the approval, Crypto.com has the authority to offer exchange services from fiat to virtual assets such as Bitcoin (BTC) and Ether (ETH). Additionally, it can avail a crypto custodial wallet to its customers. For Kris Marszalek, CEO of Crypto.com, this milestone underscores the platform’s strong commitment to industry-wide compliance.
However, it has not been a smooth ride for all crypto platforms in the Netherlands. While Crypto.com and other firms enhance their footing in the Dutch crypto space, other notable platforms like Binance have been forced to bid adieu.
In a startling turn of events, Binance revealed its decision to exit the Dutch market last month, following the rejection of its application to register under the Dutch crypto approval regime. The implication of this denial for Dutch residents was immediate – no further trading or deposits on the platform were possible and users were only allowed to withdraw their assets.
Yet, there continues to be an ambiguous environment due to the lack of specific legislation regarding crypto assets in the Netherlands. The nation currently implements the Fifth Anti-Money Laundering Directive (5MLD) in its Dutch Money Laundering and Anti-Terrorist Financing Act (Wwft).
So, while registration approvals such as that of Crypto.com are significant victories for the continuing legitimization of crypto currencies, the uncertainty provided by the regulatory landscape, exemplified by Binance’s exit, highlights the indeterminate nuances the crypto markets have yet to navigate.
Source: Cryptonews
