The Dutch central bank announced on Tuesday it would begin regulating companies that offer crypto-currency services beginning on Jan. 10 and said they must register to remain in business.
“In concrete terms, firms offering services for the exchange between cryptos and regular money, and crypto wallet providers, must register with De Nederlandsche Bank,” it said in a statement.
As reported, Dutch ministers had urged the country’s government this July to regulate cryptocurrencies and certain cash payments due to money laundering concerns.
In January, Dutch Minister of Finance, Wopke Hoekstra, received official advice from the Netherlands’ Authority for the Financial Markets and De Nederlandsche Bank that a licensing system should be introduced for cryptocurrency services.
The Netherlands does not recognize cryptocurrency as legal tender, although in 2018 a Dutch court ruled that Bitcoin (BTC) was a legitimate “transferable value” in a penalty payment case.