Bitonic will receive registration as a cryptoservice provider
This afternoon we were informed that our registration process at De Nederlandsche Bank (DNB) is complete and that we will soon be included in the register for cryptoservice providers. This clarifies that Bitonic has implemented all necessary legal requirements to be able to offer cryptoservices. In doing so, we also developed a new verification system including Android and iPhone apps.
The registration has been granted under new Dutch legislation that implements the fifth European Anti-Money Laundering Directive (AMLD5). This Directive applies to all countries in the European Union. The legislation requires us to verify identities through passports and ID cards. We also monitor transactions, ask additional questions and report unusual transactions.
We are glad that we can now offer our customers and business partners clarity on our regulatory status. Still, we have mixed feelings about the registration requirements because we did not agree with the supervisor on the legal basis of some of the requirements. We therefore ask our customers for their understanding when facing the additional control measures and verifications that we needed to implement.
Bitonic B.V., trading under the name Bitonic.nl and BL3P, is registered by De Nederlandsche Bank N.V. (DNB) as a provider of crypto services. DNB supervises compliance by Bitonic B.V. of the legal requirements arising from the fifth Anti-Money Laundering Directive (AMLD5) under which this registration is issued. This DNB supervision covers the Anti-Money Laundering Law and the Sanction Law (although we are of the opinion that at this time DNB is not the formally appointed supervisor yet). The supervision of DNB does not pertain to capital or capital requirements and cannot be seen as a quality mark of the provider. Consumer protection is based on our contract terms and conditions and the legal frameworks in the Dutch Civil Code. We are not supervised by the Netherlands Authority for the Financial Markets.