Even though the crypto industry started out as a decentralized platform, with no association with the centralized financial institutions of the society, things have taken a steep turn. However, things seem to be changing now as people have begun abusing the freedom they acquire through the crypto industry. Hence the government has been getting involved with the same. The positive news comes from the Netherlands as it welcomes its first crypto platform that is compliant with the AMLD5.
Green Signal For BLOX In Netherlands
In a brief blog post, BLOX, a cryptocurrency exchange revealed that it managed to garner a thumbs up from the Dutch Central Bank. Despite the fact that BLOX has been in the market since 2018, the exchange was required to comply with the Anti-Money Laundering Directive also known as AMLD5 put forth by the European Union.
In its blog post, BLOX pointed out that the Netherlands had mandated the need for registration before buying, selling, and holding crypto assets. While cryptocurrencies were made to steer away from the shackles of banks, BLOX would be under the supervision of the Dutch Central Bank. This move by the central bank is the first of its kind in the country.
Cryptocurrencies, especially Bitcoin have come a long way from merely being associated with illegal as well as darknet activities. This along with the scams and hacks professed as a blemish on the industry. However, the potentials and the value of Bitcoin has got the currency a long way. Elaborating on the same, Mark Bakker the Head of Legal at BLOX said,
“7 years ago we launched our business and provided the basic tools for our users to buy and sell cryptocurrencies. Now, almost 7 years later we have managed to receive approval of the Dutch Central Bank. BLOX is the easiest way available to get started with Bitcoin. We want to make sure that everyone has the tools to be become part of this technological and economic innovation”
The latest move by the platform could pose beneficial for both the crypto industry and the financial sector of the country as it would hinder possible money laundering activities.