Bitcoin address verification in the Netherlands and Switzerland: what is the difference?

The DNB requirement of verifying a bitcoin address in the Netherlands follows from their interpretation of the Sanctions Act (1977). As a result, DNB enforces this measure when obtaining a registration: you must verify a bitcoin address otherwise you will not get a registration. Without a registration, a company is forced to stop their services.

The registration is the implementation of the AMLD5, the European Directive applied in all countries in the European Union. This interpretation of the Sanctions Act in combination with the AMLD5 and subsequent registration is unique in the Netherlands.

Switzerland has introduced a similar measure, self-imposed, in anticipation of the international discussion of the FATF itself. However, the FATF rules do not prescribe the mandatory verification of beneficiaries in the Netherlands.

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