The Netherlands is an “advanced” state in cryptocurrency issues. In the Dutch city of Arnhem, an experiment is carried out with Bitcoins - you can pay by them for communal, dental and other services. According to Dutch fiscal rules, crypto-money is taxable as assets (Box3 when declaring). The country's banking sector considers the blockchain as a promising direction for the financial technologies improvement, the Dutch authorities organize cryptocurrency conferences, and 20% of the population keeps their savings in non-fiat funds.
With all the "friendliness" to the crypto-field and the blockchain, the cryptocurrency turnover is not regulated at the legislative level and the country, together with other EU members, makes the requirements for the client accounts and data protection more rigorous.
Cryptocurrencies in the Netherlands are equated to the means of exchange, and not to money, - the relevant decision was made by the Supreme Court. Due to the unregulated nature of the field (it is not within the scope of the Law on Financial Supervision), the authorities cannot control it, which increases the number of fraudulent schemes.
The Ministry of Finance insists on mandatory registration of trading and exchange crypto-platforms, obtaining licenses for cryptocurrencies by them and users identification. The Government is ready to implement the procedure prior the beginning of 2020. Money remittances from buyers to sellers are already controlled by the National Bank and the financial market management, while criminal liability for money laundering is provided for. Therefore, entrepreneurs who are planning to obtain a license for the cryptocurrencies exchange must prove their honesty and due diligence.
The first step is to register a Dutch company in the Chamber of Commerce and Industry. This is easy, but you have to carefully choose a bank to open an account. There are a few “friendly” to cryptocurrency institutions. This is, for example, the Bunq bank, where they open accounts for cryptocurrency exchanges and do not exclude customers by an area of their activity. Also, to work under a license for cryptocurrency, you need to comply with the Pan-European requirements of the second EU directive:
Contact "Prifinance" so that the cryptocurrency exchange license would not become a stumbling block for you. With us, you will receive a full range of support when registering and licensing a digital business.