18.06.2021

Crypto Firms to Be Regulated as of January 2020

Reuters reported on Sept. 3 that De Nederlandsche Bank clarified that relevant firms in the sector must register with the institution if they wish to continue to operate.

The Dutch central bank has today revealed it will begin regulating firms that offer cryptocurrency-related services as of Jan. 10, 2020.

The bank’s official statement reportedly reads:

“In concrete terms, firms offering services for the exchange between cryptos and regular money, and crypto wallet providers, must register with De Nederlandsche Bank.”

Recent cryptocurrency developments in the Netherlands

As reported, Dutch ministers had urged the country’s government this July to regulate cryptocurrencies and certain cash payments due to money laundering concerns.

In January, Dutch Minister of Finance, Wopke Hoekstra, received official advice from the Netherlands’ Authority for the Financial Markets and De Nederlandsche Bank that a licensing system should be introduced for cryptocurrency services.

The Netherlands does not recognize cryptocurrency as legal tender, although in 2018 a Dutch court ruled that Bitcoin was a legitimate “transferable value” in a penalty payment case.

Burger King Let’s You Pay Your Way in Germany – With Bitcoin

The German version of world-famous fast-food chain Burger King now accepts Bitcoin payments in its delivery website and mobile application.

Bitcoin recently appeared among the payment options on the website of the official German Burger King delivery website and its mobile application. It is unclear, however, whether Bitcoin is also accepted in Germany’s physical Burger King restaurants, which have over 600 locations in the country.

Not the first time Burger King taking Bitcoin

According to company information website Crunchbase, launched in 1954 and headquartered in Miami, Florida, Burger King now operates in over 13,000 locations serving more than 11 million guests daily in 98 countries worldwide. The website also estimates the fast-food giant’s annual revenue to be $1.7 billion.

In summer 2017, Burger King Russia announced they will start accepting Bitcoin payments, and then introduced its own virtual currency called Whoppercoin in late August. Also in 2017, Bitcoin was first accepted by another Burger King in Arnhem, a city in the Netherlands.

PwC Luxembourg to Start Accepting Bitcoin from October 2019: Official

PwC Luxembourg, a subsidiary of the world’s second largest professional services firm, will start accepting Bitcoin payments starting Oct. 1 2019.

“Bitcoin cannot be compromised”

The Luxembourg branch of the Big Four auditing firm announced the initiative in an official press release on Sept. 2, claiming that the move shows the firm’s commitment to comply with the needs of clients as well as support the growing national crypto ecosystem.

In the announcement, PwC Luxembourg expressed confidence in the major cryptocurrency Bitcoin, calling it the “first peer-to-peer payment mechanism that cannot be compromised and is based on a decentralised trust model.”

Partners are not unveiled

The company noted that it is aware of the existing shortcomings of cryptocurrencies and the challenges associated with the adoption of crypto. The Luxembourg firm added that it has partnered with an unnamed local regulated exchange in order to provide the best experience of its new crypto payment option. PwC Luxembourg wrote:

“The Firm acknowledges the challenges of this move and has carefully reviewed its internal policies and procedures to meet the standards required by the crypto industry and closely collaborated with a local regulated exchange to provide the best payment experience.”

PwC Luxembourg’s move to accept crypto payments stems from the positive stance to the industry by its parent company PwC. In June, PwC announced the release of a crypto auditing software solution Halo auditing suite that allows PwC to provide independent evidence of private-public key pairing and collect data about transactions and balances from blockchains.

Earlier this year, Cointelegraph reported that PwC is the biggest recruiter for blockchain-related jobs on recruitment platform Indeed. In a recent press release, PwC said that it has more than 400 staff working on blockchain and crypto initiatives supported by over 100 technical team members.

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