The Central Bank of the Netherlands will begin to regulate cryptocurrency companies in January 2020

The Central Bank of the Netherlands announced that from January 10, 2020, it will begin to regulate all companies working with cryptocurrencies.

It is emphasized separately that the relevant companies will need to register with the regulator. Otherwise, their work will be suspended.

“Specifically, companies offering exchange services between cryptocurrencies and regular money, as well as cryptocurrency wallet operators, must register with De Nederlandsche Bank,” the Central Bank of the Netherlands said in a statement.

In May of this year, representatives of the Central Bank of the Netherlands announced that the regulator plans to continue to study and implement blockchain technology. However, the bank reports that the data received so far is “difficult to call extremely positive.”

Petra Hielkema, Director of Payment and Market Infrastructures at De Nederlandsche Bank, noted that distributed ledger technology offers limited bandwidth, requires a lot of energy, and does not give complete confidence that the payment is complete.