Tornado Cash verdict has chilling implications for crypto industry

The conviction of Tornado Cash developer Alexey Pertsev reinforces a very broad interpretation of criminal liability, which has major repercussions for blockchain.

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Dutch exchange Bitvavo taps Figment to expand staking services

Institutional staking platform Figment will become an additional infrastructure provider to Dutch exchange Bitvavo.

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Crypto.com registers in the Netherlands, cleared to advertise services

Crypto.com is the latest cryptocurrency firm to receive a green light from the Dutch central bank to offer its services in the country. The exchange announced that it had registered as a cryptocurrency service provider with De Nederlandsche Bank (DNB) following a comprehensive review of Crypto.com’s business and compliance with the country’s Anti-Money Laundering and counter financing [...]

The post Crypto.com registers in the Netherlands, cleared to advertise services appeared first on Crypto Breaking News.

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Crypto.com Obtains License to Offer Services in the Netherlands

Crypto.com has been licensed in the Netherlands to provide cryptocurrency services; the exchange said in a statement today (Friday). The license was awarded by the Dutch central bank (DNB) after the company met the requirements of the law passed to prevent money laundering and terrorism financing.

Crypto.com Expands Operations

The Netherlands is the latest country in Europe to license the Singapore-based cryptocurrency exchange. The company was awarded a Digital Asset Service Provider (DASP) license in France, while in the UK, it operates on a crypto asset business license. Additionally, the exchange is regulated in Italy, Greece, Cyprus, Spain, South Korea, and Australia.

Commenting about the licensing, Kris Marszalek, the CEO of Crypto.com, said: "Collaborating with regulators to responsibly advance the crypto and blockchain industry is of paramount importance to Crypto.com. This approval from the central bank of the Netherlands is a significant milestone for our business and the latest testament to our commitment to compliance."

The Dutch central bank has since registered 36 cryptocurrency firms, including Coinbase, eToro, and Bitstamp. Although the number is expected to increase, the Dutch regulator maintains a tough regulatory stance concerning crypto trading in the country.

The Netherlands Regulates Crypto

DNB has in the past fined major cryptocurrency exchanges, including Binance and Coinbase, millions of euros for allegedly operating in the country without a license. Binance announced in June that it was leaving the Netherlands after failing to obtain a virtual asset service provider (VASP) license.

Laura van Geest, the Chair of the Executive Board of the Dutch Authority for the Financial Markets (AFM), said in May that digital assets were vulnerable to deception and fraud. She added that according to a survey by the AFM, the number of cryptocurrency traders in the Netherlands was less than 2 million, and most traders invested 1,000 euros and rarely used borrowed money.

Cryptocurrency exchanges have recently been racing to obtain licenses in Europe after the EU passed the Markets in Crypto-Assets Regulation (MiCA), a set of regulations considered the most comprehensive in the sector. The MiCA aims to protect investors of digital assets, promote environmental sustainability, and prevent money laundering.

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Crypto.com Approved to Register & Operate in the Netherlands

The company will be permitted to supply crypto wallets and enable fiat currency processing in the region. 

Continue reading at DailyCoin.

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Coinbase Europe Fined $3.6M for Severe Non-Compliance

Dutch Central Bank (DNB) has imposed a €3.3 million fine on Coinbase Europe for extended non-compliance with Dutch registration regulations.

Continue reading Coinbase Europe Fined $3.6M for Severe Non-Compliance at DailyCoin.

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First Binance and Now Coinbase Have Both Been Fined $3.3m in Netherlands

<p>The leading digital assets <a href="https://www.financemagnates.com/terms/e/exchange/" class="terms__main-term" id="b5da6e64-2afe-421d-9b81-16404b7d59d6" target="_blank">exchange</a> Coinbase has been slapped with a hefty $3.3 million fine by the Dutch central bank, De Nederlandsche Bank (DNB). A fine of an identical amount was paid a few months earlier by its rival platform <a href="https://www.financemagnates.com/tag/binance/" target="_blank" rel="follow">Binance</a>.</p><p>According to the DNB's press release, the fine was imposed due to unauthorized crypto activities at the Coinbase exchange, from November 2020 until at least 24 August 2022.</p><p>Coinbase Europe Limited Fined by DNB</p><p>The Coinbase European subsidiary, Coinbase Europe Limited, has been operating unregistered in the Netherlands since at least November 2020. Earlier in May of the same year, the DNB imposed a registration requirement on all cryptocurrency service providers due to the high risk of money laundering and terrorist financing. </p><p>The base fine for a violation committed by Coinbase is €2 million, but it was increased due to the fact that Coinbase is one of the largest cryptocurrency exchanges in the world and has a large number of consumers in the Netherlands. </p><p>"In addition, Coinbase has enjoyed a competitive advantage in that it has not paid any supervisory fees to DNB or incurred other costs in connection with DNB's regular supervision activities. A further important reason for the increased fine is that the non-compliance persisted over a prolonged period," DNB stated.</p><p>The decision to impose the fine was made on 18 January, but the official announcement was not released to the media until 26 January.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">DNB imposes administrative fine on Coinbase Europe Limited for providing crypto services without the legally required registration until 22 September 2022. <a href="https://t.co/wEjAez6GDs">https://t.co/wEjAez6GDs</a> <a href="https://t.co/cDzXxKRqq4">pic.twitter.com/cDzXxKRqq4</a></p>— De Nederlandsche Bank (@DNB_NL) <a href="https://twitter.com/DNB_NL/status/1618523195161858049?ref_src=twsrc%5Etfw">January 26, 2023</a></blockquote><p>Binance Paid a Similar Fine in July</p><p>The Dutch regulator <a href="https://www.financemagnates.com/cryptocurrency/regulation/binance-fined-33-million-by-dutch-central-bank/" target="_blank" rel="follow">imposed an identical fine on Binance last July</a>. Binance was required to pay a penalty of €3.3 million for offering local investors access to cryptocurrency services without proper regulation.</p><p>DNB's explanation at the time was very similar: Binance is a large exchange with a sizable customer base, which used a competitive advantage in failing to comply with local regulations. The Dutch regulator pointed to the anonymity of cryptocurrencies, which can become a tool for <a href="https://www.financemagnates.com/terms/m/money-laundering/" class="terms__secondary-term" id="f30ffb65-351e-44d6-9dae-0714f08b59b2" target="_blank">money laundering</a> without proper oversight.</p><p>"The registration requirement for crypto service providers was introduced on 21 May 2020 because of the high risk of money laundering and terrorist financing associated with crypto services. This is related to the anonymity associated with crypto transactions. The registration requirement enables DNB to monitor the risk of illicit financial flows more effectively," the regulator explained.</p><p>Almost a year earlier, the DNB had issued a public warning against Binance for unauthorized activity. <a href="https://www.financemagnates.com/cryptocurrency/news/the-fcas-binance-warning-what-does-this-meaning-for-uk-crypto-regulation/" target="_blank" rel="follow">Several other regulators have published similar notices.</a></p><p>Watch the recent FMLS 2022 Executive Interview with Lory Kehoe, the Director of EMEA Business Development at Coinbase.</p><p>Coinbase Faces Crypto Winter Troubles</p><p>The fine imposed on Coinbase adds to the recent problems the platform has faced. At a time when <a href="https://www.financemagnates.com/cryptocurrency/binance-hires-when-coinbase-cuts-employment-amidst-crypto-winter/" target="_blank" rel="follow">rival Binance is increasing its headcount</a>, Coinbase has decided to shed its workforce in the face of a prolonged cryptocurrency winter.</p><p>Due to the staff cuts, the platform <a href="https://www.financemagnates.com/cryptocurrency/coinbase-stops-operations-in-japan-due-to-market-volatility/" target="_blank" rel="follow">has decided to suspend its operations in the Japanese market</a>. All local customers must withdraw their funds and transfer them to another platform until 16 February 2023.</p><p>"Due to market conditions, our company has made the difficult decision to halt operations in Japan and to conduct a complete review of our business in the country. However, we are committed to making this transition as smooth as possible for our valued customers," Coinbase wrote in a blog post.</p><p>Many other cryptocurrency exchanges have reported job cuts in the period. <a href="https://www.financemagnates.com/cryptocurrency/crypto-platform-luno-sheds-35-of-workforce/" target="_blank" rel="follow">Luno announced a similar decision this week</a>, reducing its workforce by 35%. Earlier, a potential reduction was announced by Crypto.com, looking to lay off up to 20% of current employees.</p> This article was written by Damian Chmiel at www.financemagnates.com.

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Dutch central bank says KuCoin is not licensed and 'illegally offering services'

"This may increase the risk of customers becoming involved in money laundering or terrorist financing," said De Nederlandsche Bank.

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The Netherlands tops new survey as the most metaverse-ready country

A new study by Uswitch revealed which countries are ready to embrace the metaverse by more technical standards, such as fixed broadband speeds and prices.

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Digital Euro Gains Support From Netherland’s Queen Máxima

The work the European Central Bank has accomplished in its efforts to introduce a digital euro has been commended by Queen Maxima of the Netherlands. On 7 November 2022, the queen gave a virtual speech at a European Commission conference with the theme “Towards a legislative framework enabling a digital euro for citizens and for businesses.” […]

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The state of crypto in Western Europe: Swiss powerhouse and French unicorns

From taxes and legislation to the local startups and professional associations — all you need to know about blockchain and crypto in Western Europe.

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Coinbase Receives Registration Approval From Dutch Central Bank

Coinbase becomes the first major exchange to receive DNB registration approval. The platform will be able to offer a full

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Post offices adopting NFTs leads to a philately renaissance

Nonfungible tokens are being used to reinvigorate post stamp collecting in Austria and the Netherlands.

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Coinbase enters the Netherlands with central bank approval

U.S.-based crypto exchange Coinbase is approved by De Nederlandsche Bank, the central bank of the Netherlands.

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Tornado Cash saga highlights legal issues affecting the crypto market

As support for Tornado Cash developer Alexey Pertsev mounts, questions regarding the legality of his arrest and the future of DeFi innovation continue to come to the forefront.

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Dutch regulator says crypto not yet suitable as means of payment or investment

Paul-Willem van Gerwen from the AFM believes that retail investors should forbear the crypto derivatives trade.

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European Crypto Firm Change Gains Dutch License

Change, a European cryptocurrency company, announced on Tuesday that it has gained a new license from the regulator in the Netherlands.

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Dutch Police Seize NFTs In First for the Country

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Dutch Regulator Warns against Retail Crypto Investments

The Dutch financial market supervisor, locally known as Autoriteit Financiële Markten (AFM), issued a fresh warning on Wednesday against investing in cryptocurrencies by retail investors.

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Is Bitcoin Suited to be a Form of Payment in The Netherlands?

Merchant awareness of Bitcoin has grown since 2014, with many businesses already owning and using Bitcoin.

Continue reading Is Bitcoin Suited to be a Form of Payment in The Netherlands? at DailyCoin.com.

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