Group items tagged

Binance said it will leave the Netherlands after the company's application to register under the Dutch crypto authorization regime was rejected. Under the current regulatory regime, Binance can only get approval to operate in an European Union (EU) country by registering under its money laundering prevention rules. The firm has so far received such approvals in France, Italy, Spain, Poland, Sweden and Lithuania. This may change once the EU's Markets in Crypto Assets (MiCA) regulation comes into force at the end of June 2023.

The use of cash as a means of payment in the Netherlands continued to decline in 2018, according to data released by the Netherlands Bank. Last year, Dutch consumers paid 37% of their purchases in cash, down from 41% in 2017. Cash also declined in transactions between consumers, falling to 59% of peer-to-peer transactions in 2018, down from 67% the previous year.

Chipknip was an electronic cash system used in the Netherlands between 1996 and 2014. Pre-paid Chipknip cards could be purchased at various locations in the Netherlands. It was based on technology used in the Belgian Proton electronic cash system. The value stored on the card does not need a PIN to unlock it: the card is entered into the reader at the point of payment, and the cardholder simply confirms the transfer of value.

De Nederlandsche Bank (DNB) has imposed a new set of requirements on Netherlands-based, crypto-asset companies that want to officially register. Among other things, the Sanction Act has forced local firms to monitor their customers' withdrawals and even ask for screenshots of their wallets. https://www.toezicht.dnb.nl/en/2/50-237925.jsp

"In our overview of open banking in Europe, we look at what open banking really means in Europe relative to the rest of the world and caveat that its evolution into open finance is more than just about expanded scope. We then justify our choice to focus on the Netherlands, France, Spain and Switzerland instead of on Europe's top-four open banking performers of Sweden, Denmark, Norway and the UK."

The Coinbase Card will be available in Spain, Germany, France, Italy, Ireland and the Netherlands. The card allows users with Coinbase accounts to spend cryptocurrencies in stores and online at any merchant that accepts Visa.

Beginning Jan. 10, 2020, companies or persons involved in the conversion of crypto to fiat currencies or offering crypto deposit services will be required to self-register with the De Nederlandsche Bank.

The Dutch crypto market is seeing the first of most likely many small crypto exchanges get squeezed out following the passage of its strong anti-money laundering (AMLD5) regulations. Small crypto firms allege that they are a de facto licensing regime whereas AMLD5 calls for mere registration of crypto firms.

In a survey of 3,000 banking customers around the world, Kantar found that 93% of consumers in China have used neobank services, 50% of Indians, and 32% of Brazilians. However, across Western Europe only a small minority of consumers has opened a neobank account, with the Netherlands and Germany leading with 4% usage, and only 2% of U.S. consumers.ds and Germany lead with 4% usage; France and Spain are lagging with 2% usage In the USA, only 2% of consumers have utilised the services of a neobank"

This partnership follows a succession of bank partnerships across the world for TransferWise for Banks, including Bank Novo and Stanford Federal Credit Union in the United States and Up! in Australia this year alone and signifies the entry into the Canadian market. TransferWise has also announced numerous European partnerships with Monzo in the UK, Bunq in the Netherlands, N26 in Germany, LHV in Estonia and BPCE, France's second largest bank.

Coinbase has launched its Visa debit card in six European countries. Cardholders in Spain, Germany, France, Italy, Ireland and the Netherlands will be able to use the cards, which sync directly to their Coinbase accounts.

De Nederlandsche Bank has granted AMDAX BV, an Amsterdam-based digital asset service company, the ability to operate under its jurisdiction. This marks the first time a digital asset company has been approved in the country following the introduction of the EU's 5th Anti-Money Laundering Directive (AMLD5) that saw many crypto related businesses close or leave the Netherlands.

Research about central bank digital currency (CBDC) has been silent about consumers' willingness to use CBDC and what triggers usage. This De Nederlandsche Bank paper reports on the results of a survey among a representative group of Dutch citizens to fill this gap. It found that about half of the Dutch population would be willing to open a current account for digital euros at the central bank. The not-for-profit nature of central banks was the most often mentioned rationale. The second was improved resilience of the electronic retail payment system, and third was its relative safety versus cash.

Binance will wind down its futures and derivatives products offerings in Germany, Italy, and the Netherlands. With immediate effect, users from these countries will not be able to open new futures or derivatives products accounts. With effect from a later date to be announced in a further notice, users from these countries will have 90 days to close their open positions.

The Centrale Bank van Curaçao en Sint Maarten, working with Worldline and the local commercial banks, has implemented the basic infrastructure for dual currency instant payments. As of January 15, 2022, all US dollar and Netherlands Antillean guilder interbank payments in and between Curaçao and Sint Maarten and in Bonaire will be processed 24/7 within ten seconds.

In April 2022, twenty-three Dutch organisations, including major Dutch banks, signed a Cash Covenant, seeking to ensure that cash continues to function as a payment instrument in the face of a steady increase in electronic payments. The Ministry of Finance and De Nederlandsche Bank (DNB) then commissioned a study on the future system for banknote and coin deposits and withdrawals for consumers and retailers. The Finance Minister has now presented the results of the study to Parliament, concluding that legal intervention is needed to ensure that cash remains usable, available, accessible and affordable for users.

In 2021 the European Central Bank (ECB) launched its first survey on the usage of cash among companies to understand their strategic view on the current and future use and acceptance of cash. It found that almost all businesses surveyed accept cash (even in cash-lite countries, like the Netherlands, 90% accept cash), most businesses prefer customers to pay with card but a quarter prefer cash, security and reliability are the top criteria when deciding on payment type, and very few that accept cash intend to stop accepting it in the future. The ECB concluded that the results provide further support for the Eurosystem's cash strategy to continue to ensure that cash remains widely available and accepted as a means of payment and store of value.

"The report contains a detailed analysis of the legal position of custodial wallet services across Australia, Germany, Japan, Jersey, the Netherlands, Singapore, the UAE, the UK and the US. "

According to a BearingPoint survey across seven European countries, cash is the most used payment method overall with contactless debit cards second. Cash use is significantly higher in Austria (79%) and Germany (71%), but respondents from Switzerland (63%), Ireland (61%), the Netherlands (57%), and France (55%) also show a relatively high level of cash use. Finland has a significantly lower frequency of cash usage at 43%.

The Digital Identity Working Group (DIWG) has proposed a set of high-level principles to enable future mutual recognition and interoperability of digital identities. The members of the DIWG are from Australia, Canada, Finland, Israel, New Zealand, Singapore, the Netherlands, and the United Kingdom. This is the group's first set of publicly released work since its 2020 inception.