BitKassa closes due to strict DNB-conditions of registration
A well-known Dutch Bitcoin exchange makes you. The measure is the result of high requirements for the registration with the competent Central Bank, as well as “ridiculous” high fees in this context.
The well-known Dutch Bitcoin exchange BitKassa has confirmed rumors that it will cease operations in may. As a reason the company calls the new developments in the relevant national Central Bank. These have decided the Position of the EU in the supervision and regulation of the market.
The Dutch Central Bank, De Nederlandsche Bank (DNB) requires a crypto-companies registration no later than 18. In may 2020. A new press release makes it clear: Without the mandatory registration, no operation can be maintained.
BitKassa is one of the first stock exchanges, which are under pressure, and has decided, therefore, to the business task. The Management relies on the latest DNB Directive.
The Central Bank as a regulatory authority of an EU-Directive, the States arranged for Laundry in the community for the implementation of rules in the fight against money. However, According to BitKassa the with the registration process, associated fees are ridiculously high.
Therefore, the stock market is a day before the deadline, at 17.05. its doors close.
Before that, wants to tell the leadership of the stock exchange but at least the DNB members in the opinion of the registration requirements. The stock market’s opinion, exposes mainly the fees for the registration and other related costs, and exposes them to ridicule.
The fees and incidental costs in the order of magnitude of approximately 27,000 U.S. dollars, the market is simply inappropriate. A portion of 5,400 USD refers to the actual registration fees. Furthermore, the Central Bank calculated the “basic costs”, which amounts to a whopping of 21,600 USD. Of these total costs for all companies in the Netherlands, with the aim regardless of the size of the company, a registration are affected.
However, this is only half the truth.
This does not seem to be the whole story. How BitKassa tells, are for the licensing of crypto to take the bottom line cost/fees of more than 1.0 USD due.
And more than a Million USD, as stated in the stock exchange. In BitKassa to quantify the compliance of all aspects of the Directive and the approval on almost 1.8 million USD. The license is issued only until the end of the year, so for not even eight months.
According to our calculations crypto-firms would thus dramatically more numbers than, for example, Fund or provider of credit cards. Thus, the stock exchange, comes to the result, which will be the new demands something of a death knell for many Startups.
The BitKassa Team wants to continue to reach out to the Bitcoin industry, such as the stock market stresses. However, it will be likely to be projects outside of the regulated area, and the Central Bank’s powers.
The industry of storage services for crypto-Assets, and stock exchanges puts it in the Netherlands, for instance, on a number of 75 companies. Many of them will not be able to meet the requirements of the DNB more. This is the Central Bank self-reported, by the way. All of the companies that offer services such as Wallets, crypto-/Fiat-exchanges and similar services, you need to register. Platforms for pure crypto-to-crypto transactions do not fall under the registration requirement.
