Crypto.com, a major cryptocurrency platform, has secured a registration approval from De Nederlandsche Bank (DNB), the central bank of the Netherlands, establishing its status as a provider of crypto services.
This approval marks a significant stride in Crypto.com’s regulatory licensing journey. It comes after an exhaustive review of the company’s business operations and compliance procedures, in accordance with the Netherlands’ Money Laundering and Terrorist Financing Act, as stated in the company’s announcement.
Up until now, DNB has registered a total of 36 crypto businesses, which include prominent names like BitPay, Bitstamp, and the European division of Coinbase. With this endorsement, Crypto.com is authorized to offer exchange services between fiat and virtual assets, such as Bitcoin (BTC) and Ether (ETH), and can also provide its customers with a custodial wallet for cryptocurrencies, as pointed out by the central bank.
Kris Marszalek, the CEO of Crypto.com, stressed the critical importance of partnering with regulators to progress responsibly in the industry for their company.
He stated, “This registration approval from De Nederlandsche Bank marks a significant milestone for our business and is a clear demonstration of our dedication to compliance.”
Crypto.com has succeeded in securing licenses from various jurisdictions globally. This includes a Major Payment Institution (MPI) license for Digital Payment Token (DPT) services from the Monetary Authority of Singapore, a registration as a crypto-asset business from the UK’s Financial Conduct Authority (FCA), and authorizations from regulatory bodies in Dubai, South Korea, Australia, the USA, and other countries.
Prominent Crypto Platforms Bid Adieu To the Netherlands
Last month, Binance, the world’s leading cryptocurrency exchange, announced its plan to withdraw from the Netherlands following the rejection of its application to register under the Dutch crypto approval regime.
Starting from July 17, Binance clarified that residents of the Netherlands would only be able to withdraw their assets from the platform, with further trading or deposit activities becoming impossible.
Interestingly, the Netherlands does not have any specific laws pertaining to crypto assets, except for the Dutch implementation of the Fifth Anti-Money Laundering Directive (5MLD) under the Dutch Money Laundering and Anti-Terrorist Financing Act (Wwft).