Dutch Central Bank Proposes License Requirement for Cryptocurrency Service Providers

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Cryptocurrency service providers will soon be required to obtain a
license from the central bank of the Netherlands, major Dutch
news outlet DeTelegraaf reports Dec. 11.

The article explains that the measure has been undertaken hoping
that it will “prevent such cryptocurrencies being used to launder
money obtained through crime or to fund terrorism.”
To qualify for a license, providers will reportedly need to know
who their customers are and report unusual transactions. All of
this data will be monitored by De Nederlandsche Bank, the Dutch
central bank.

After the implementation in April of similar laws in Japan obliging
cryptocurrency exchanges to report dubious cryptocurrency
transactions, a notable increase in the number of such reports was
noted this winter.

In August, an executive at the Dutch central bank stated that
cryptocurrencies aren’t recognized as “real money,” but that the
bank has no plans to ban them. Also in August, an advisor of the
central bank claimed that Bitcoin’s (BTC) price changes coincide
with Google searches for the cryptocurrency.

As Cointelegraph reported in October, the Port of Rotterdam has
partnered with both a major Dutch bank and Samsung to test
blockchain use for shipping in Europe’s largest port. Also in
Holland, the country’s largest supermarket chain, Albert Heijn,
revealed in September that it is using blockchain to make the
production of its orange juice more transparent.

Source : https://cointelegraph.com/news