The central bank of the Netherlands is preparing to supervise the country’s crypto sector. The bank has requested crypto exchanges and wallet providers to come forward and submit some information. Once the law takes effect, these operators will be required to register with the central bank to continue operations.
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Central Bank to Supervise Crypto Firms
The Netherlands’ central bank, De Nederlandsche Bank (DNB), announced Tuesday that it is preparing to start supervising crypto exchanges and custodian wallet providers. Noting that these operators are expected to become subject to its supervision starting Jan. 10, 2020, the bank detailed:
In concrete terms, firms offering services for the exchange between cryptos and regular money, and crypto wallet providers must register with De Nederlandsche Bank.
The DNB added that it will also assess the firms’ board members, some shareholders, and other policymakers. Further, these companies “must demonstrate…