Dutch AMLD5 implementation law adopted

On Tuesday April 21, 2020, the Dutch Senate approved the Implementation Act implementing the European fifth Anti-Money Laundering Directive (AMLD5) into the Dutch anti-money laundering law (Wwft). This law requires Bitonic, as a non-financial institution, to be registered and comply with identification and transaction monitoring requirements.

The Dutch crypto-industry previously voiced serious concerns that the law would implement a costly and intensive supervisory regime rather than a registration. The Dutch Finance Minister Hoekstra explained that it would be a registration without the features of a license regime: “A registration is an action and a license is being granted. That is truly something different”. On the subject of the supervisory bill he explained:’The costs will be proportionate and really much lower than € 34.000 per year.’

These clarifications resolve the two main issues of concern for Bitonic. We will closely monitor this when the law has entered into force, but it appears that for now, the threat of an excessive and costly supervisory regime is off the table.

As soon as the law enters info force, we will adapt our systems in line with the new legal requirements. This will take some time and the exact date is not yet known at this moment.

Earlier messages

News archive

Live Chat Consent

The live chat is a service provided by MessageBird B.V. which is (a.o.) subject to the EU General Data Protection Regulation (GDPR) and states they do not use your data for commercial gain. In order to load the Live Chat we ask you to consent to the processing of any data shared with us using the chat. By closing this window without giving consent the chat will not load and no data will be shared.
For more information please review the MessageBird Privacy Policy.