DNB acknowledges crypto KYC requirements were unlawful
Netherlands Bank reverses decision to mandate adherence to Sanctions Act
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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