The Netherlands has recently approved Blox, a crypto exchange making it the first after the implementation of the European Union’s 5th Anti-Money Laundering Directive or AMLD5. The AMLD5 requires the country’s Central Bank to monitor the entire cryptocurrency industry. The supervision charges will be shouldered by crypto-related businesses.
Under the ALMD5, registration is mandatory for every company that allows its users to buy, sell, and hold digital currencies. To be qualified for the registration, all interested parties should comply with the money laundering services.
In a blog post, Head of Legal, Mark Bakker had expressed about the registration:
“ 7 years ago we launched our business and provided the basic tools for our users to buy and sell cryptocurrencies. Back then, Bitcoin was still often falsely associated with fraud and money laundering, and the entire industry was viewed with suspicion. Now, almost 7 years later we have managed to receive approval of the Dutch Central Bank. BLOX is the easiest way available to get started with Bitcoin. We want to make sure that everyone has the tools to become part of this technological and economic innovation. “
Blox is the first consumer-focused crypto company that will be listed in the registry of the Dutch Central Bank.
Last October, AMDAX BV, a crypto service provider, based in the Netherlands braced the headlines. It was the first crypto company to be registered with Dutch Central Bank after the implementation of the new regulations. But it is only open for large scale investors with an initial investment of 2.5 Bitcoin. As stated in its press release :
AMDAX supports business as well as private investors with a portfolio – starting with investments of 2.5 Bitcoin – the trade of cryptocurrencies, secure storage, and insured custody. As a result of the DNB registration, AMDAX takes a major step towards a more mature crypto domain.
But contrary to AMDAX, as stated in their blog post, Blox will allow consumers to invest in their favourite digital currency for as little as €1. “Therefore the approval of the Dutch Central Bank means that cryptocurrencies will remain widely accessible to the general public.”
The number of countries that were into state-level crypto adoption keeps growing every day. With the Netherlands joining crypto adoption despite its regulations, we will expect the number to spike even more.