On 21 May 2020 the Act implementing the Fifth Anti-Money Laundering Directive (5MLD) (Implementatiewet wijziging vierde anti-witwasrichtlijn, the Act) entered into force. The Dutch Central Bank (De Nederlandsche Bank, DNB) has published a news item emphasizing that the transitional arrangements laid down in the Act will expire on 21 November 2020. As a result, crypto service providers subject to the Act must from that date onwards be registered with DNB in order to continue to provide their services.
DNB also notes that the registration process will not be completed within the intended six months for certain crypto service providers. DNB understands that this raises questions and aims to quickly complete the application processes where an applicant is able to meet all the requirements in the short term. DNB will discuss what this specifically entails for each provider on an individual basis.