A cryptocurrency service operating in the Netherlands has become the first such entity to register with the countryÃ¢ÂÂs central bank.
- Per a company press statement on Wednesday, the Amsterdam Digital Asset Exchange (AMDAX) said the registration with De Nederlandsche Bank (DNB) meant it could now go ahead and process crypto transactions.
- The firm will also be allowed to store and provide custody of digital assets under the European UnionÃ¢ÂÂs (EU) newly implemented AML5 guidelines that came into effect on May 21.
- Those guidelines, which some argue are killing crypto firms across the country, passed the Dutch Parliament earlier this year.
- Amsterdam-based AMDAX said it will support private investors with portfolios beginning at 2.5 bitcoin (about $27,000 or Ã¢ÂÂ¬23,000 at press time).
- The Dutch implementation of the regulations is very strict, usually including additional criteria for client assessments and for tracing the origin of money users want to invest.
- DNB Ã¢ÂÂjustly appliesÃ¢ÂÂ these regulations, said Valentino Cremona, co-founder and director at AMDAX.
- With bitcoin often being associated with crime, the market needs a Ã¢ÂÂclear legal framework,Ã¢ÂÂ Cremona said.
- The exchangeÃ¢ÂÂs registration with the central bank demonstrates to investors that cryptocurrency is Ã¢ÂÂa mature asset class, not for criminals, but for smart investors,Ã¢ÂÂ he added.
See also: The NetherlandsÃ¢ÂÂ AMLD5 Interpretation Appears to Be Killing Crypto Firms
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