The Dutch central bank has given Crypto.com permission to sell its services in the nation. After an in-depth review of its company and compliance with the country’s anti-money laundering and counter-terrorism funding standards, the exchange registered as a cryptocurrency service provider with De Nederlandsche Bank (DNB). Due to regulatory restrictions, the DNB is unable to comment on particular registrations. Although Crypto.com’s services were available in the Netherlands prior to the registration announcement, a firm that did not register would be operating unlawfully if it marketed or advertised its services to Dutch consumers. Binance recently halted efforts to register as a cryptocurrency service provider in the Netherlands and shut down operations after failing to secure DNB clearance.
On July 27, the US Senate enacted the $886 billion 2024 National Defence Authorization Act (NDAA). The regulation is aimed at crypto mixers, anonymity-enhancing currencies, and crypto trading organizations. The amendment intends to prevent FTX-style incidents in the sector by drawing on measures from the Digital Asset Anti-Money Laundering Act and the Responsible Financial Innovation Act. It is necessary to develop crypto testing criteria in order to assess risk and assure compliance with sanctions and money laundering regulations. The NDAA also requires the Treasury Department to do research into anonymous crypto transactions, such as Tornado Cash, which is used to mask transactions. Tornado Cash was sanctioned by the Treasury Department in 2022 for failing to implement measures to prevent criminal actors from laundering money. Furthermore, the NDAA mandates US corporations to report their interests in China, as Senator Bob Casey highlighted the need of the government understanding the transfer of “critical technology” to adversaries.
