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Dutch Sanctions Guidance Sparks Cryptocurrency Outcry

By Koos Couvée

The Dutch central bank's apparent move to expand the sanctions-screening expectations that cryptocurrency firms must meet to obtain licenses by a Nov. 21 deadline has prompted widespread criticism from the industry. Pursuant to the EU's Fifth Anti-Money Laundering Directive, or 5AMLD, which came into force in January and newly subjects the cryptocurrency sector to AML rules, De Nederlandsche Bank, or DNB, informed cryptocurrency exchanges and other platforms in May that they had to register to continue operating beyond this month. On Sept. 23, DNB issued additional guidance instructing cryptocurrency exchanges and custodian wallet providers that, as part of the registration...

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