De Nederlandsche Bank (DNB), the central bank of the Netherlands, has ordered the registration of crypto companies operating in the country.
According to the DNB, crypto companies have until May 18 to register their businesses. If they do not do so, they will be forced to cease their operations.
The bank's decision to order cryptocurrency firms to register comes after the country's parliament passed a new AML legislation last month to comply with the European Union’s AML directives and standards set by the Financial Action Task Force (FATF).
It is worth mentioning that only companies that convert crypto and fiat or offer crypto custody services will have to register, while crypto-to-crypto platforms are exempt from completing this process.
According to the DNB, companies that do not register "must therefore cease their existing activities" on May 18 and face fines and "enforcement action."
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