Anycoin Becomes 3rd Dutch Crypto Exchange to Register with Regulator

Dutch digital currency platform, Anycoin Direct announced on Friday that it has officially registered as a cryptocurrency Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term service with the Dutch Central Bank (DNB), under the new rules for the crypto industry brought by the regulator.

The exchange became the third Dutch cryptocurrency company to receive a license from the central bank. The other two companies are AMDAX and BLOX.

In the press release, Anycoin detailed that its process to obtain the license was ongoing for several months, and it was awarded to the company on Thursday. The license will ensure that the platform works within the global regulatory frameworks and is a 'safe and regulated platform' with all the recommended crime prevention measures.

“We hope this will welcome more traditional financial investors, family officers, and newcomers to the world of cryptocurrency,” Anycoin co-founder and CTO, Julian van der Wijst noted.

The Controversial Dutch Regulations

The Dutch regulator followed many other global regulators to update its anti-money laundering policies, according to the updated provisions recommended by the Financial Action Task Force (FATF).

The Dutch parliament passed the country’s latest AML bill earlier this year, and the regulator enforced it, giving only a few months to the crypto companies for registration. All the crypto exchanges operating in the country must register themselves by November 21.

If any company fails to register themself, they will face immediate cease and desist of their operations and will face fines and 'enforcement action'.

This move by the DCB faced massive backlash from the crypto industry, which is seeing the rules to be too harsh to survive. Many companies, including major options training platform, Deribit, moved their base out of the Netherlands to other crypto-friendly jurisdictions.

Despite that, the regulator received 38 applications from various crypto exchanges for registration, but have only approved three to date.