Smoking Gun: Dutch central bank caught overreaching in local crypto businesses

In the latest a secret memo between the Dutch Central Bank and the Minister of Finance indicates that crypto companies in Holland may face additional rules that go beyond what is outlined in the AMLD5.

It's no secret that the incoming Anti-Money Laundering updates in the EU have taken their toll on smaller crypto firms.

The soon-to-be homeless Coingarden users have since been urged to join Bitmymoney, another Netherlands-based crypto exchange platform.

A recently discovered "Secret" memo between the Dutch Central Bank and the Finance Minister is likely to anger both types of enthusiasts.

Sjors Provoost, a prominent Dutch crypto commentator, recently highlighted what appears to be a "Secret" memo exchanged between Holland's Central Bank and the country's Finance Minister.

A week after parliament passed the law, Dutch Central Bank publishes secret advice to minister of finance about #amdl5, dated March 7th. They recommended banning foreign competitors, unless they have similar license.

The note suggests that the Central Bank was hoping to include extra measures for crypto companies along with the base conditions of AMLD5.

When transposing the incoming AML policies, the Dutch government attempted to incorporate a clause regarding a licensing regime for crypto companies which was previously struck from the original Directive.

The now-deleted memo between the Central Bank and Finance Minister further indicate less-than-transparent behavior.

In an interview with CryptoSlate, Lelieveldt explained that "This additional bank-type layer is going to cost a minimum of $100,000 for crypto companies." Broken down, this comes out to anywhere from $25,000 to $50,000 for the supervisory fees, on top of the $80,000 already needed to comply with the AML Directive.