DNB acknowledges crypto KYC requirements were unlawful

Netherlands Bank reverses decision to mandate adherence to Sanctions Act

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.

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

Most read articles loading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account