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First Consumer-Facing Crypto Platform Post-AMLD5 Registered In Netherlands

BLOX, a crypto exchange, has officially received the green light to operate within the Netherlands. By doing so, BLOX stands as the first platform to be registered after the country implemented the EU’s new 5th Anti-Money Laundering Directive, or AMLD5.

Retail-Focused Crypto Exchange Registered By DNB

BLOX itself, through a blog post, described itself as the first consumer-focused crypto company that has successfully been registered with the Dutch Central Bank (DNB).

BLOX was quick to highlight the mandatory nature of this registration to operate within the Netherlands should a company allow users to buy, sell, hold, and otherwise trade in cryptocurrencies.

AMDAX BV, a crypto service provider, based in the Netherlands, made headlines back in October. AMDAX BV was the first company of its kind to be incorporated into this newly regulated region, but caters to large-scale investors instead of retail ones.

In an October statement made on Finextra, AMDAX highlighted that it supports both private investors with a portfolio as well as businesses.

The minimum investment at AMDAX stands at 2.5 Bitcoin, worth around $38,644 in today’s prices. AMDAX offers secure storage, crypto trading, as well as insured custodianship.

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First Retail Exchange On DNB’s List

BLOX BV stands visible on a new list of approved crypto service providers, touting registration from De Nederlandsche Bank (DNB), the Netherlands’ central bank. Anycoin Direct also managed to register a short time prior to BLOX’s registration gaining the green light.

In the company’s blog post, BLOX stated that consumers are capable of investing within their favorite digital currencies, doing so for as little as one Euro. With the approval of the DNB, BLOX stated that cryptocurrencies will now become a mainstay for the general public at large.

Some Joining; Some Leaving

While many companies are registering themselves with the Netherlands’ new policies, others weren’t so keen to do business there. It’s a sad fact that more regulations within a jurisdiction naturally scares off more companies, though the argument is to be made whether or not that is such a bad thing.

Deribit, one of the prominent crypto derivative exchanges out there, had departed out of the Netherlands wholesale back in January of this year. This came as a response due to the Netherlands tightening its regulations within its borders, which scared off the more risky crypto companies.

Time will tell how the Netherlands will fare with its new, strict regulations, but the argument stands that DNB-regulated crypto firms will see higher levels of trust than other crypto firms. Regardless of what happens, it’s clear that cryptocurrencies are becoming more integrated with mainstream finance by the day.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.

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