The legislative proposal includes requirements for providers of exchange services between virtual currencies and fiat currencies and custodian wallet providers. Once the Act enters into force, these parties must register with DNB and comply with the requirements of the Wwft. In view of the implementation deadline for the AMLD5, the act is expected to enter into force on 10 January 2020.
Under the legislative proposal DNB will become the supervisory authority for these service providers. This means we will be in charge of registering these service providers, supervising compliance with the requirements they must fulfil under the Wwft and the Sanctions Act (Sanctiewet 1977 – Sw), and enforcing those requirements. Therefore, like the operators who will be subject to supervision, we are currently making preparations for the upcoming amendments. As part of our preparations, we want to take stock of the size of the group of operators that will be subject to the new requirements. In addition, we want to keep them as fully informed about the new requirements as possible and, where appropriate, involve them in our preparations. We would like to stress that the supervision we will exercise over these parties concerns integrity supervision, and not prudential or behavioural supervision.
For the purpose of this stocktaking exercise, and to ensure parties are informed on a timely basis of the steps they need to take before registration, we are calling on providers of exchange services between virtual and fiat currencies and custodian wallet providers to make themselves known to us if they fall within the scope of the Act. This also applies to parties already supervised by DNB or the AFM. Using these notifications, we will draw up an inventory. This will enable us to keep the relevant parties up-to-date on developments concerning the entry into force of the Act and the steps needed to register, including the assessment for fitness and propriety, inter alia, of the day-to-day policymakers.
This notification does not substitute the actual registration. We will only ask you to supply your contact details and information about. the type of services you provide, the number of daily policymakers, any internal supervisors and any persons having a qualifying holding.
If the Act will apply to you, please notify us by 23 september 2019. You can notify us by filling in the form available via this link.