Crypto.com has become the latest cryptocurrency firm to receive approval from the Dutch central bank, allowing it to provide its services in the country.
The exchange revealed that it successfully registered as a digital asset service provider with De Nederlandsche Bank (DNB) after undergoing a comprehensive review of its business and ensuring compliance with the country’s Anti-Money Laundering and counter-financing of terrorism requirements.
Presently, there are 36 cryptocurrency-related businesses registered with the Dutch central bank, which includes prominent names like Coinbase Europe, eToro, and Bitstamp. This registration specifically authorizes digital assets service providers to offer cryptocurrency wallets to customers and facilitate fiat currency transactions on cryptocurrency exchanges.
Prior to obtaining the registration, this exchange’s services were already accessible to users in the Netherlands. However, according to Oudejans, a representative from the company, Dutch-based users were legally allowed to use the service, but any unregistered company soliciting or advertising its services to Dutch users would be operating illegally.
On a related note, Binance recently announced that it has abandoned its attempts to register as a cryptocurrency service provider in the Netherlands, leading to the cessation of its operations in the jurisdiction due to a lack of approval from the DNB.
Crypto.com CEO Expresses Delight Over Approval Milestone
This exchange’s official announcement highlighted that the registration confirmation in the Netherlands was the result of a thorough review of the exchange’s operations. The company’s compliance policies align with the Netherlands’ Money Laundering and Terrorist Financing Prevention Act. Kris Marszalek, CEO of Crypto.com, emphasized the company’s commitment to responsible advancement in the digital asset industry through collaboration with regulators, which he considers of utmost importance. He expressed eagerness to continue working with regulators worldwide and praised the registration approval from De Nederlandsche Bank as a significant milestone, showcasing their dedication to compliance.
As regulatory scrutiny tightens, some notable companies have opted to leave the Netherlands. Recently, Binance announced its inability to register as a virtual asset service provider with the Dutch regulator, leading to the cessation of its services for Dutch clients.
In other achievements, they obtained the Major Payment Institution [MPI] license from the Monetary Authority of Singapore in June, allowing them to offer Digital Payment Token [DPT] services to customers in Singapore. Additionally, in March, the company secured an ‘MVP Preparatory License’ from Dubai’s Virtual Assets Regulatory Authority. Crypto.com has also undergone registrations or re-registration processes in various other regions, including France, South Korea, the U.K., Australia, Italy, Greece, Cyprus, the Cayman Islands, the U.S., and Canada. The company has been actively pursuing collaborations, including partnerships with companies like Samsung.