The central bank of Netherlands, De Nederlandsche Bank (DNB), has successfully registered Amsterdam Digital Assets Exchange (AMDAX) as the first legally recognised company to carry out cryptocurrency exchange and services in the country. This was made known in a press statement signed by Valentino Cremona, a co-founder of the digital exchange company who also doubles as its director.
The successful registration will enable AMDAX to be able to store crypto currencies while also being able to do all sorts of digital assets exchanges and transactions.
It was made known that the Dutch government would be using the oft-derided European Union guideline of AML5 which many have been arguing to have been killing the crypto industry. However, the guideline scaled through Dutch legislative chamber without much ado around early this year.
Dutch Regulations of Digital Assets Exchange
The Dutch government has taken a more stricter approach in implementing the dreaded AML5 regulation on digital assets exchange as it employs tracing the source of funds investors would be investing while at the same time requiring additional information to enable it carry out an assessment on the clients.
This strict posture was prompted by the ignoble attachment cryptocurrencies like bitcoin has to crime and other nefarious activities and AMDAX’s Valentino Cremano supports this because “the cryptocurrency market and transactions need a clear legal framework to base its workings on.”
Amsterdam Digital Assets Exchange (AMDAX) is the first provider of crypto services and transactions in the Netherlands as it was registered by De Nederlandsche Bank (DNB). The registration is a first of its kind in the crypto industry in Netherland and it would lead to a more rounded, freer and a more accessible crypto domain industry.
The company is also offering to support both private individuals and businesses with an investment portfolio of at least 2.5 bitcoins with advice on investment opportunities that are available to them across the crypto market and an intelligence report to help them make better decisions about their investments.