The complete guide of buying cryptocurrencies in the Netherlands
How to buy cryptocurrencies in the Netherlands?
Do you want to buy bitcoin but don’t know how to get them? If you’re new to the world of cryptocurrency, understanding exactly how bitcoin works and how and where you can buy bitcoin in the Netherlands is a pretty big challenge.
To help you make sense of the jargon and safely get your hands on some of the world’s most well-known digital currency, we’ve put together this beginner’s guide to buying bitcoin in the Netherlands.
Recommended exchanges for people from the Netherlands
Below you will find the top 3 most recommended crypto exchanges for residents in Netherlands.
Bitpanda is one of the best crypto exchanges for customers in Europe. Bitpanda has a lot of payment options and one of the most popular is credit cards. With credit card deposit fees at 1.50%, Bitpanda is one of the lowest in the crypto industry and definitely worth checking out.
The UK base cryptocurrency broker CEX, is also a very good place to buy cryptocurrencies. They have been around since 2013 and serve millions of users. They have a wide range of crypto currencies as well as functionality to serve both beginners but also the businesses and institutions.
Coinbase is an excellent choice for purchasing cryptocurrencies with credit card or debit card. Coinbase has a great user experience and they make it possible to deposit and purchase crypto in a very few simple steps.
Cryptocurrency regulations in the Netherlands
De Nederlandsche Bank (DNB), the Dutch central bank, has unveiled measures to regulate providers of cryptocurrency services in an attempt to crackdown on money laundering. In January 2020, the regulatory bank asked various cryptocurrency agencies operating in the Netherlands to either register or shut down within a fortnight.
The announcement became the hot topic, following the new anti-money laundering (AML) laws, which the Dutch parliament passed in April. These laws were passed to comply with the regulatory standards set out by the European Union’s Financial Action Task Force. All digital assets firms, which offer the exchange of cryptocurrencies and regular money were asked to register with the De Nederlandsche Bank.
Initially, the Council of State, the constitutionally established advisory body in the Netherlands, criticised the regulations imposed and inserted by the DNB. This law has been proven to be unpopular in the Netherlands’ growing cryptocurrency market, with digital asset exchanges seeing it as a threat to their long-term growth. These laws have forced various smaller cryptocurrency companies to shut down. Firms like Bittr, a bitcoin exchange, ended their operations due to these regulatory changes. Various cryptocurrency exchanges mentioned that this law could hinder their innovations in this market.
However, the latest regulations apply only to crypto-to-fiat companies, not to crypto-to-crypto firms. DNB asked relevant crypto service providers to arrange their regulatory adherence quickly. Should companies fail to register, but continue to operate, they would face enforcement actions and pay hefty fines.
This initiative will make the Netherlands one of the first countries in the world to start regulating cryptocurrencies. While the Netherlands is broadly acting in adherence with the latest EU directives, the speed of implementation of this law was a surprise to many.
The Netherlands does not recognise cryptocurrencies as a legal tender. However, in 2018, a Dutch court stated that Bitcoin was a legitimate “transferable value” in a penalty payment case. The Netherlands does not want to ban the trade of cryptocurrencies, but that it should be regulated on a European or international level, without jeopardizing the potential of the technology. The registered firms, who comply with the rules laid out by DNB, are legal and safe to provide cryptocurrency exchange services.
Bitpanda is the leading crypto exchange in Europe with more than 1 million users. You can trade more than +30 cryptocurrencies, gold, silver and other metals.