November 20, 2020

BOTS gets postponement for the DNB crypto registration

The Haarlem fintech company BOTS by RevenYOU has today received a postponement for the DNB crypto registration.

BOTS gets postponement for the DNB crypto registration
BOTS gets postponement for the DNB crypto registration

DNB crypto registration

Since last May, providers of services for exchanging virtual currency and/or providers of custody portomonees for virtual currency have been subject to supervision by De Nederlandsche Bank (DNB).

Providers of crypto services must apply for registration with the DNB and be able to demonstrate that they meet the requirements of the Money Laundering and Terrorist Financing (Prevention) Act (Wwft) and the Sanctions Act 1977.

Delay registration

On 16 November it was already announced by the DNB that for a number of providers the registration process would not be completed before 21 November, despite the efforts of the applicant and the DNB.

Initially, all providers of crypto services had to meet the requirements set by the DNB by 21 November at the latest. Minister Wopke Hoekstra (Finance) announced yesterday during a parliamentary debate that the companies without completed registration do not have to stop their activities immediately.

The minister indicated that this postponement is mainly intended for the crypto providers whose registration is almost complete. BOTS has intensive contact with the DNB regarding a number of final questions and will provide these answers as soon as possible.