Connect with us

Regulation

Netherlands registers first consumer-facing crypto platform since AMLD5

Published

on



Crypto exchange BLOX received the go-ahead to operate in the Netherlands, making it the first platform to do so since the country implemented the European Union’s 5th Anti-Money Laundering Directive, or AMLD5.

“BLOX is the first consumer-focused cryptocurrency company that will be included in the registry of the Dutch Central Bank,” the company said in a blog announcement today. “This registration is mandatory in the Netherlands for every company that allows its users to buy, sell, trade and hold cryptocurrencies.”

Netherlands-based crypto services provider AMDAX BV made headlines in October as the inaugural company of its kind in the newly regulated region. AMDAX, however, markets to larger investors. “AMDAX supports business as well as private investors with a portfolio – starting with investments of 2.5 Bitcoin – the trade of crypto currencies, a secure storage and insured custody,” said an October statement from AMDAX on Finextra. 

Visible on a list of approved crypto service providers, Blox BV now touts registration from De Nederlandsche Bank NV, the central bank of the Netherlands. Crypto exchange Anycoin Direct also registered today. 

“BLOX allows consumers to invest in their favourite digital currency for as little as €1,” the company’s blog post explained. “Therefore the approval of the Dutch Central Bank means that cryptocurrencies will remain widely accessible to the general public.”

In contrast to the three recently-approved entities, digital asset derivatives exchange Deribit departed from the Netherlands back in January 2020 to avoid the new regulations. 



Source link

Regulation

New York authorizes first Yen stablecoin operator in the US

Published

on

By



New York has given the first authorization to a stablecoin backed by the Japanese Yen to operate in the U.S.

Per a Dec. 29 announcement, the New York Department of Financial Services has granted Japanese firm GMO-Z.com a charter to handle U.S.D. and Yen-backed stablecoins in New York. 

Given New York’s status as a global center, the NYDFS is the most prominent state financial regulator in the U.S. It is also one of the most aggressive. A pass to operate in New York often opens up the rest of the country. 

GMO’s charter is as a limited liability trust company rather than a full bank, the principle difference being in authorization to handle deposits. While a stablecoin operator typically needs the ability to hold reserves of the pegged asset, GMO’s charter limits its rights to hold other kinds of deposits not central to its ability “to issue, administer, and redeem” its stablecoins. 

The right to issue such non-depository charters has been a bone of contention between state regulators like the NYDFS and national banking regulators in the U.S. 

GMO president and CEO Ken Nakamura said: “We’re breaking ground with our move to issue the first regulated JPY-pegged stablecoin, which many see as a safe haven asset.” 

The NYDFS recently made changes to its famous BitLicense, including a conditional format that buddies up newly licensed firms with existing licensees. The first conditional BitLicense went to PayPal, facilitating the launch of its new crypto services earlier this fall with the help of longstanding licensee Paxos.