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Bullish market situation pushes crypto adoption across Europe and beyond

By RafaƂ - 2020-11-10

Since crypto-currencies have spread in the hands of investors around the world and this for several years, many private or state financial actors have developed and implemented solutions So that investors can simply dispose of their assets in everyday life. This desire has been all the more clear with the significant adoption of Bitcoin and Dash in regions such as Latin America DURING the past two years. Today, the scale that cryptocurrencies have taken brings us to Europe, where, more recently, thirty-nine companies have applied for registration with the Dutch central bank to provide cryptocurrency services. These requests include crypto exchanges and custodial wallet providers for a wide audience of users. 

DCB started to accept companies registrations under the legal framework

With the vision to bring crypto-currencies easily to the financial services, the Dutch central bank, has started actively registering companies to provide cryptocurrency services in the country.

 “According to the public register on the central bank’s website, four companies have been granted registration to offer crypto services. They are Rotterdam-based 2525 Ventures, Amsterdam-based Amdax, Nijmegen-based Blox, and Veghel-based Phoenix Payments.”

 However, companies will still be required to comply with the local regulations and legal framework in order to operate. Several regulations are already in place according to what was shared by the entity:

As a result of the implementation of the fifth EU Anti-Money Laundering Directive (5AMLD), providers of exchange services between cryptocurrencies and fiat currencies and providers of custodial wallets must apply for registration with the central bank. They must demonstrate compliance with the requirements of the Money Laundering and Terrorist Financing (Prevention) Act and the Sanctions Act of 1977.”

These regulations are set to protect both the users and the companies taking part in this new system. Despite the legal framework associated with the DCB , the crypto adoption might be facilitated for European societies or indidivuals and especially dutch investors.