Cryptocurrency firms doing business in the Netherlands will soon be required to register with Dutch Central Bank, according to CoinDesk.
The move comes as the European Union has passed tougher anti-money laundering (AML) laws. As a result, companies or individuals involved in the conversion of crypto to fiat currencies or offering crypto deposit services must register with the De Nederlandsche Bank (DNB) starting Jan. 10, 2020.
The order includes firms based outside the Netherlands that are serving Dutch nationals, even online.
“It is irrelevant whether they are established in the Netherlands,” a DNB representative said. “Also providers that offer such services from another EU member state … for example via a website, must register, regardless of whether the provider is already registered in that member state.”
In other news, Deloitte and TruTrace Technologies have announced they are teaming up to deliver blockchain product-traceability solutions to the cannabis industry.
TruTrace’s StrainSecure system gathers plant-testing data to perform genomic verification in plant batches, and then registers the information in a blockchain-enabled database. In addition, the platform reduces the time and expense involved in the administrative process of genetic and mandatory quality-control testing for legal cannabis.
“It is essential for companies bringing emerging technology to market to find the best partners to grow with, and we are very excited about our alliance with one of the most respected names in global business,” said Robert Galarza, CEO of TruTrace. “By working together to rapidly scale the adoption and implementation of our technology, we are confident that we can bring a greater level of traceability and trust to this evolving industry.”
And cybersecurity researchers have found a new strain of the Glupteba malware that uses blockchain to hack into systems to mine Monero cryptocurrency, as well as steal sensitive data.
Researchers at TrendMicro also revealed that the malware exploits an already-discovered security vulnerability in MikroTik routers to transform the infected computer into a SOCKS proxy that will launch widespread spam attacks on Instagram users.