Reuters reports that the Dutch central bank intends to launch regulatory procedures targeting companies providing crypto services to customers.
The process will start on January 10, 2020. Companies will have to complete a full registration process. All cryptocurrency and crypto wallet providers will need to comply if they wish to stay in business.
The Netherlands is catching up with the rest of the world The Netherlands has always been a cryptocurrency-friendly country.
It is a hub for various blockchain and cryptocurrency events. Unlike countries such as China, Russia, and India, which are trying to impose a complete ban on bitcoin and its alternatives, as well as digging, the Netherlands simply applies standard regulatory procedures to keep things legal in this area and prevent terrorist financing and money laundering.
Crypto regulations are spreading all over the world This type of regulation is what the biggest players in the crypto market, such as Binance, promote and support.
Binance is about to open its branch in the US, which will be fully compliant with US law. One of the most famous p2p (peer-to-peer) crypto exchanges, LocalBitcoins has recently announced that it will tighten its rules on checking those who have accounts open there. Previously, the platform banned cash trading for bitcoin, which is a very popular way to trade on decentralized exchanges. Thus, in the rush to comply with the law, LocalBitcoins is moving away from its original decentralized status, which has made it so popular around the world.