The central bank of the Netherlands, De Nederlandsche Bank (DNB), has issued a permission to a cryptocurrency exchange for the first time.
According to an official press release, the AMDAX cryptocurrency exchange became the first provider of crypto services in the Netherlands. With the approval, AMDAX can process crypto transactions and store digital assets.
Valentino Cremona, Co-Founder and Director at AMDAX, says that the regulator justly applies high standards for the registration.
"Bitcoin and other cryptocurrencies are often associated with crime, whereas bitcoin is very transparent. The market needs clear legal frameworks, such as the set of requirements of DNB," Cremona added.
In May 2020, the Netherlands-based cryptocurrency exchange BitKassa announced the closure of its services due to the excessive demands of the central bank.
The exchange's representative said that the Dutch Ministry of Finance "does a great job serving the Dutch Central Bank in enforcing unreasonable regulation upon Dutch bitcoin companies."
Previously, iHodl reported that the DNB had ordered the obligatory registration of crypto companies operating in the country.
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