Dutch crypto companies must register with the Netherlands’ central bank by May 18 or cease operations immediately, the monetary authority said Monday.
De Nederlandsche Bank (DNB) is moving to quickly enforce enhanced Dutch anti-money laundering (AML) laws, which passed the Dutch Parliament last month to comply with the European Union’s AML directives and standards set by the Financial Action Task Force.
The deadline comes as Dutch crypto firms level heavy criticism at a law they call burdensome to the industry at large. In their lengthy deliberations over implementing the EU’s AMLD5, firms say the DNB and Ministry of Finance put the squeeze on small-time companies, even forcing some to close their doors.
According to the DNB, companies that do not register “must therefore cease their existing activities” on May 18 and face fines and “enforcement action.”
