The Netherlands' fundamental bank, De Nederlandsche Bank (DNB), has issued an ultimatum to all fiat-supporting cryptocurrency service providers to register with the institution by May 18.

In a news release published on May 4, the DNB told companies that post-obit the Dutch Senate's vote in favor of an Implementation Act amending the European Wedlock'south fourth Anti-Coin Laundering Directive on April 21, the Human activity's statutory requirements will soon be coming into force.

The strict 2-week deadline to register with the DNB is only necessary for those providers offering fiat-crypto conversion services or cryptocurrency custody.

Companies' draft registration applications will accept their requests automatically converted into formal ones past the implementation engagement, under the terms of a transitional arrangement. Outstanding fees will be required, the DNB indicated.

Whatsoever provider who fails to submit a typhoon application past the deadline volition be forced to cease their activities.

Those who continue to operate without existence subject to the DNB's process may find that their subsequent application volition exist compromised.

Whatever entities in violation of the registration requirements can, moreover, be subject to enforcement deportment, the DNB warned.

The Netherlands' response to European union AML measures

As reported, The EU's 5th Anti-Coin Laundering Directive (5ALMD) came into effect on January ten of this twelvemonth.

Holland' implementing amending Human action for 4AMLD has already been overdue, missing deadlines earlier this year and prompting the European Committee to consequence its own ultimatum to the Dutch legislature.

This March, the Dutch Minister of Finance sent a statement to the Firm of Representatives responding to 5ALMD, which raised, among other matters, questions about the administrative burden and costs on smaller companies of complying with the directive.

Equally regards the DNB's ain stance on digital currencies, the establishment has recently affirmed that it stands "set to play a leading part" with inquiry and development into its own digital currency as well as a Europe-wide digital currency.