[2019-01-23]Two Dutch Financial Authorities are Pushing For a National Licensing

btyco

copper member

Activity: 364

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I think it is optional and that would be best. It means that those that want to be serious such as tezos will apply for a license, and others that are based on privacy or just some shitcoin project can still do their work

1Referee

legendary

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Quote from: elda34b on January 23, 2019, 11:12:17 PM

Seems like only crypto to fiat will be regulated. Does this mean crypto to crypto exchange is free to operate? Or will they also require to be licensed by the government?

It applies to everything related to crypto, even platforms not touching fiat at all.

Quote from: elda34b on January 23, 2019, 11:12:17 PM

I'm pretty sure KYC will take place if everything needs to be regulated. Seems like anonymous exchange will no longer exist.

Unfortunately, yes. People need to think twice before signing up to an exchange or service thinking that they are exempt from KYC for ever, because that's not the case at all. We have had numerous cases where exchanges silently updated their terms and trapped their users with no choice but to verify in order to withdraw.

In the end, people didn't have any sort of anonymity even without KYC, so they don't lose anything. If you also take into consideration that people don't shy away from walking themselves through verification levels for the sake of getting a $10-$20 bonus, you know that it won't matter much in this case.

It will matter for a small percentage of those who are more aware of the risks of handing over their personal information to an entity they don't know, but they will stick to the more legitimate services in the space as result of that.

Kemarit

legendary

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Quote from: elda34b on January 23, 2019, 11:12:17 PM

Seems like only crypto to fiat will be regulated. Does this mean crypto to crypto exchange is free to operate? Or will they also require to be licensed by the government?

I'm pretty sure KYC will take place if everything needs to be regulated. Seems like anonymous exchange will no longer exist.

One concern being raised by those two Dutch financial authorities is that they don't want crypto to be taken advantage of criminals that's why they advise licenses. I'm sure it will cover crypto-to-crypto as well because of the huge risk involved in dealing with it. Yeah, KYC will take over and its going to be difficult it you really wanted to remain anonymous in cryptosphere.

elda34b

sr. member

Activity: 910

Merit: 351

Seems like only crypto to fiat will be regulated. Does this mean crypto to crypto exchange is free to operate? Or will they also require to be licensed by the government?

I'm pretty sure KYC will take place if everything needs to be regulated. Seems like anonymous exchange will no longer exist.

Vladdirescu87

sr. member

Activity: 966

Merit: 264

Two Dutch Financial Authorities are Pushing For a National Licensing System for Cryptoasset Exchanges

The Netherlands Authority for the Financial Markets (AFM) and De Nederlandsche Bank (DNB), the country’s central bank, are industriously thrusting ahead for a national licensing scheme for digital currencies.

AFM and DNB recently released a report proposing that fiat-to-cryptocurrency exchanges and all custody service providers should be fully licensed as digital currencies carry “major financial crime risks.”

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/national-licensing-system-for-cryptoasset-exchange/

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