Cryptocurrency service providers will require licenses by the Dutch Central Bank

De Nederlandsche Bank (DNB), the central bank of the Netherlands will soon issue licenses to cryptocurrency service providers, as reported by DeTelegraaf a Dutch news outlet, on December 11.

The motive behind this licensing requirement is to “help prevent such virtual coins being used to launder criminal money or to fund terrorism,” stated DeTelegraaf.

In order to avail the license, the cryptocurrency providers have to keep a record of their customers and report unusual transactions, if any. The same will be monitored by De Nederlandsche Bank.