On 8 November 2019, the Dutch Central Bank (De Nederlandsche Bank, DNB) organised a seminar for crypto service providers at its offices in Amsterdam.

During the seminar DNB discussed a number of topics which are relevant to the crypto service providers that will be required to register themselves with DNB by 10 January 2020 and will become subject to DNB’s integrity supervision. The topics included the main obligations that crypto service providers will need to comply with under the Act on the prevention of money laundering and terrorist financing (Wet ter voorkoming van witwassen en financieren van terrorisme) and the Sanctions Act 1977 (Sanctiewet 1977), the registration process with DNB (including the required integrity and suitability screenings), the obligation for crypto service providers to report unusual transactions to the Financial Intelligence Unit – Netherlands, and recent Financial Action Task Force developments. DNB also held a Q&A session, offering attendees with the opportunity to raise questions on these topics.

Shortly after the seminar, on 11 November 2019, DNB published a number of factsheets on its website with the aim of assisting crypto service providers in assessing whether they will need to register themselves with DNB and, if they do, what the registration process will entail for them. DNB notes that the information contained in the fact sheets (and any other information to which reference is made) is on the basis of the wording of the proposed Implementing Act amending the Fourth Anti-Money Laundering Directive (Implementatiewet wijziging vierde anti-witwasrichtlijn) of 1 July 2019 (which is yet to be adopted by the Dutch Parliament and subsequently by the Dutch Senate, and therefore subject to changes that may result from amendments adopted during, for example, parliamentary debates).

The relevant forms that will need to be completed for registration will once available also be published on DNB’s website. DNB is currently in the process of preparing its Digital Supervision Portal, which portal will need to be used by crypto service providers to submit their applications for registration.

View the fact sheets for crypto service providers on DNB’s website, 11 November 2019.