Bitvavo wants equal rules for crypto exchanges, in the Netherlands and the EU » Crypto Insiders

Wednesday night came crypto news to the outside that De Nederlandsche Bank (DNB) intervenes in illegally operating crypto exchanges. Good news, but the supervision could be much stricter. In the Netherlands, registration with DNB is mandatory for crypto companies, so that they can monitor money flows. This is with the aim of combating money laundering and terrorist financing. Battle is itself registered with DNB as a Dutch trading platform. The Dutch trading platform reports this in a statement shared with Crypto Insiders.

Bitvavo wants the same rules for foreign exchanges

However, foreign parties do not need to be registered with DNB in ​​the Netherlands. This makes it difficult for the bank to supervise these foreign parties that target Dutch consumers. Bitvavo, a platform on which you can, for example, bitcoin (BTC) is a strong believer in regulating the crypto market even further. This ensures fair competition and greater consumer protection.

In the European Union, there have been rules regarding the registration of crypto exchanges for years. These rules state that companies that are active in EU countries or serve consumers there must register in the relevant country. These registrations are currently time-consuming and the exact conditions differ per country. This makes the process opaque and difficult.

Equal enforcement of crypto exchanges in the EU

It would be better if enforcement for the EU is equalized. That’s why Battle to regulators and politicians for rapid coordination about allowing cross-border services and enforcing at least one registration in the EU bloc. This benefits enforcers, companies and ultimately users because there is better cooperation between countries on money laundering and terrorist financing.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Never miss any important news. Subscribe to our newsletter.