DNB acknowledges crypto KYC requirements were unlawful

Netherlands Bank
Rachael King

The Netherlands Bank (DNB) has acknowledged wallet-level know-you-customer requirements it set for crypto firm Bitonic were unlawful.

In a major development for European crypto service providers, the central bank admitted its “interpretation” of legislation did not take into account that firms could implement the standards in a “risk-orientated manner”.

“DNB has therefore incorrectly set the registration requirement as a condition for the registration of Bitonic,” Bitonic said in a statement.

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