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Dutch central bank to regulate cryptocurrency firms in 2020

The Dutch central bank has asked digital currency operators in the country to prepare for supervision as it will commence oversight of the sector beginning early 2020.

Firms offering services for the exchange between virtual money and regular money and crypto wallet providers must be registered no later than Jan. 10, 2020. The De Nederlandsche Bank NV's supervision of the firms will be part of its implementation of the fifth European anti-money laundering directive, or AMLD5.

However, the directive can take effect on a later date, depending on the timing of its incorporation with Dutch regulations. At present, the legislative proposal for the implementation of the directive is already with the Dutch House of Representatives.

The central bank urged companies to begin preparations ahead of the deadline, as the regulator will assess their board members and some shareholders. They should "demonstrate that their processes are effectively designed to prevent money laundering and terrorist financing" and that these processes are adequately monitored by the board and other policymakers, the regulator noted Sept. 3.