Starting today, Bitonic is officially listed in the crypto-register of the Dutch Central Bank (DNB). We have implemented all required measures and may now continue our services to our customers. In response to further questions, we outline our vision on the legal requirements. These originate from the fifth European Anti-Money Laundering Directive (AMLD5) which is implemented via changes in the Dutch anti-money laundering law.
Bitonic has mixed feelings about the new legislation. On the one hand, it would be expected that legislation would eventually come into effect and that creates a certain legitimacy of the market. We are of course also in favor of combating fraud, money laundering and other criminal activities.
On the other hand, we are very concerned about proportionality, the criminalization of the industry and especially the privacy of our customers. We see that European legislation has been introduced in other European countries with a greater understanding of the market and technology. Of all those countries, the Netherlands appears to face the most extreme demands, and we are very disappointed by this.
Read the complete article on bitonic.nl