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The Amsterdam Digital Asset Exchange (AMDAX) has completed what is described as The Netherlands’ first cryptocurrency service registration with the country’s apex bank De Nederlandsche Bank (DNB).
Per the official update from AMDAX, a client-oriented cryptocurrency exchange firm located in the country’s capital Amsterdam, the DNB’s approval was secured after diligently complying with the regulatory rules in line with Europe’s Anti Money Laundering guidelines (AMLD5).
Cryptocurrency services ranging from asset custody to trading and general investments have seen increasing growth within and outside Europe in the past couple of years. While the majority of countries within the European Economic Area (EEA) follow similar regulations to guide emerging business growth including blockchain technology, each country, with its Central Bank in charge has a personal guideline or requirement to permit digital assets services.
Valentino Cremona, AMDAX Co-Founder who also doubles as the cryptocurrency service provider’s director noted that the firm prides itself on being the first exchange in the Netherlands to secure the DNB’s registration. He stresses that the cryptocurrency markets need a clear regulation that will help clear the notion that digital currencies are used basically for organized crime and terrorist financing as Bitcoin itself is transparent.
“This registration shows investors that crypto is a mature asset class, not for criminals, but for smart investors,” he noted saying that following this registration, investors will now be able to invest in a regulated market in the Netherlands. The entire registration process took four months as it commenced on May 21, lasting four months.
AMDAX cryptocurrency services will be offered taking cognizance of standard criteria for the assessment of clients and for tracing the origin of the money they plan to do business with the company with.
AMDAX Cryptocurrency Services Stride to Create More Inroads for Other Firms
The AMDAX cryptocurrency service company offers a wide range of services including crypto investments, custody as well as market analytics services. With an investment portfolio beginning at 2.5 BTC, the company notes that it provides asset custody insurance to provide an added level of guarantee to investors.
Europe has a team of startups who offer a broad range of cryptocurrency services. In a region with growing concern for cryptocurrency regulations, milestones such as that inked by AMDAX with the Dutch Central Bank is such that can set a bullish precedent for other startups in the country.
Just as it is the beginning of a thing that is usually the most difficult, the fact that AMDAX has broken past the regulatory hurdle holding back cryptocurrency startups from securing a nod with the DNB, a surge in future approvals in the country may not come as a surprise. Additionally, other European nations may take a cue from the DNB (also with a renewed vigor to pursue Central Bank Digital Currencies CBDCs) to permit the growth of blockchain and cryptocurrency businesses.