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.