De Nederlandsche Bank (DNB)
De Nederlandsche Bank (DNB) is the central bank of the Netherlands and is located in Amsterdam. Photographed on October 10, 2015. JPstock/Shutterstock

The Amsterdam Digital Asset Exchange (AMDAX) has become the first crypto company to register with the Dutch central bank, the firm said in a press release on Wednesday.

According to the announcement, De Nederlandsche Bank (DNB) has given its approval for AMDAX to operate under its jurisdiction, meaning the company can now go ahead and process crypto transactions for Dutch residents. The firm has also become the first digital asset service company to register with the central bank after the new regulations, which forced many crypto businesses to leave the Netherlands, were accepted.

The firm’s statement reads:

Advertisement

“AMDAX B.V. has been registered by De Nederlandsche Bank (DNB) as the first provider of crypto services in the Netherlands. This enables AMDAX to process crypto transactions and store crypto currencies.”

The firm can now also store and provide custodial services for digital assets under the E.U.’s newly-implemented AMLD5 guidelines that came into effect in the region on 21 May. AMDAX also began its registration process on that date, which took the firm 4 months to be approved by the central bank. The company is now ready to support private investors with portfolios starting at 2.5 Bitcoin.

While AMDAX is not the first crypto company to have operated in the country, the newly-accepted AMLD5 regulations have driven a lot of the old businesses out of the country. One such firm was the popular crypto derivatives platform Deribit, which left the Netherlands in January. That said, AMDAX is the proof that covering the new regulations was not impossible.

The co-founder and director of AMDAX, Valentino Cremona, said in a statement:

“DNB justly applies high standards for this registration. Bitcoin and other crypto currencies are often associated with crime, whereas Bitcoin is very transparent. The market needs clear legal frameworks, such as the set of requirements of DNB. This registration shows investors that crypto is a mature asset class, not for criminals, but for smart investors.”

Discussion

avatar