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Services for the exchange between virtual and regular currencies

Relevant for:
cp
Status
Factsheet
Date:
11 november 2019
Validity:
valid 
Reference:
02385
Author:
DNB

A provider offers exchange services when it effects transactions or enables customers to effect transactions in which virtual currencies are exchanged for fiduciary currencies or vice versa.

Service providers can effect or facilitate exchange transactions in various ways. They may for example bring together the buying and selling intentions of third parties with respect to cryptos so as to create an agreement in accordance with the rules of the platform. Alternatively, they may act as a counterparty or as a broker, or effect or facilitate exchange transactions by way of automated teller machines (ATMs). This is a non-exhaustive list of examples.

The Explanatory Memorandum to the Act implementing the AMLD5 clarifies that a party effectively administering an ATM is considered to be the party providing the exchange service, rather than the party making the ATM available, such as the owner of a retail outlet in which it is placed.

Providers of such exchange services only need to register if they provide these services in a professional capacity or on a commercial basis in or from the Netherlands.

Respond to this page
Sector
  • Banks
  • Clearing institutions
  • Collect­ive invest­ment schemes
  • Crypto service providers
  • Electronic money institutions
  • Exchange transaction
  • Insurers
  • Investment firms
  • Payment institutions
  • Pension funds
  • Premium Pension Institutions
  • Trust offices
Laws and EU Directives
  • CRD IV en CRR
  • Act on the Supervision of Trust Offices (Wet toezicht trustkantoren – Wtt)
  • Anti-Money Laundering and Anti-Terrorist Financing Act
  • Payment services in the internal market
  • Regulations establishing European Supervisory Authorities
Base law
  • Anti-Money Laundering and Anti-Terrorist Financing Act (Dutch-only)
  • Implementation Act amending the fourth anti-money laundering directive (Dutch-only)
  • Explanatory Memorandum (Parliamentary paper 35 245, no. 3)
Related topics
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  • Reporting duty
  • Transaction monitoring
  • Customer Due Diligence
more
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