The first crypto-currency service of the Netherlands has been registered with the central bank of the country.
According to Amsterdam Digital Asset Exchange (AMDAX), registration with a Dutch bank will allow it to provide services related to crypto currencies legally. It will also be able to store assets in accordance with the Fifth EU Directive on Combating Money Laundering (AMLD5).
AMDAX intends to offer private investors cryptographic portfolios starting with 2.5 bitcoins ($27,000).
AMLD5 is being criticized by crypto participants for being overly stringent in its requirements, which do not contribute to financial innovation. In the Netherlands, the implementation of pan-European rules has proven to be particularly strict.
In September 2019, the Netherlands Bank demanded that all crypto companies apply to it for official registration. Some exchanges, such as Deribit, preferred to move abroad.
AMDAX director Valentino Cremona argues that markets need a "clear legal framework", as Bitcoin, he said, often causes associations with illegal activities. He also noted that his company's registration with the central bank will help to present cryptov currencies as "a mature asset class, not for criminals, but for thinking investors.
Posted Using LeoFinance Beta
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