Racing against time, Anycoin exchange gets license of approval from Dutch regulatory authorities

Only three crypto exchanges including Anycoin has been granted license of approval by the Dutch Central Bank amongst 38 others waiting in queue.

By · Nov 6, 2020 . 5min read

Anycoin exchange gets license from Dutch authorities news

Anycoin, a dutch cryptocurrency and digital asset exchange has finally received regulatory license from the Dutch Central Bank (DCB) in line with a November 21 deadline issued to digital asset operating entities to register with relevant authorities.

This makes it only the third cryptocurrency exchange entity after AMDAX and BLOX to get this “coveted” license. Anycoin with this license it received on Thursday will become of the ‘safe and regulated platforms’ to operate in the Netherlands. The Dutch legislature instituted the latest anti-money laundering law earlier this year. It hinges its reason as acting in line with global best practices against anti-money laundering within its shores.

Speaking on this, Julian van der Wijst, CTO of Anycoin said

We hope this will welcome more traditional financial investors, family officers, and newcomers to the world of cryptocurrency

Following FATF Rule, Dutch authorities to enforce a mandatory license for cryptocurrency operators.

As most nations begin to implement the FATF Rule otherwise called Travel Rule, Dutch Central Bank is equally following suit. However, its implementation and adopting a rather “harsh” policy didn’t bode well for many crypto entities. Rather harshly, Dutch regulators came up with a short notice for crypto exchanges to register with its Central Bank. Any erring cryptocurrency exchange that fails to comply with this date faces a cease and desist order. The DCB could equally fine any of the exchanges even after slamming with a cease and desist order.

Already, some of the entities which could not keep up have shut down and relocated. One of them is Deribit. It has relocated its base to Panama with a relatively favourable regulatory clime.

However, irrespective of the short window by DCB, it has received about 38 applications waiting for its approval. With just three Dutch license approval, Anycoin inclusive, it remains unclear whether it will even penalize the 38 waiting approval, not meeting to time.

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