The Amsterdam Digital Asset Exchange (AMDAX) became the first cryptocurrency company to be licensed by the Dutch central bank.
Registration will allow the company to process cryptocurrency payments and provide custodian services in accordance with the 5th EU Anti-Money Laundering Directive (5AMLD EU).
Earlier, due to the tightening of EU legislation, the Dutch cryptocurrency business was on the verge of extinction. However, AMDAX co-founder Valentino Cremona called the stringent regulatory requirements for startups “justified.” In his opinion, the market needs a clear legal framework.
“The exchange’s registration with the central bank demonstrates to investors that cryptocurrency is a mature asset class, not for criminals, but for smart investors,” the message says.
In May 2020, the Dutch central bank threatened to close local cryptocurrency companies if they did not register within two weeks. According to the regulator, this time is enough to complete the procedure.