DNB agrees with Bitonic and returns to wallet verification requirement

On Wednesday evening, we received a decision from DNB regarding the objection made by Bitonic regarding the wallet verification requirement. The regulator acknowledges Bitonic’s view that the requirement is unlawful and should never have been made during registration:

“After reconsideration, DNB concludes that this interpretation of Article 2(2) of the RtSw as given by DNB does insufficient justice to the latitude an institution has to interpret this standard in a risk-oriented manner. DNB has therefore erroneously regarded the registration requirement as condition for the registration of Bitonic.”

In other words, DNB has ruled in our favor in the objection procedure. After the earlier preliminary injunction filed by Bitonic, the regulator had already been ordered by the court to deal with the objection urgently.

This means that we will remove the wallet verification measures as soon as possible. For example, we will no longer ask for a copy screenshot of your wallet and we will investigate which further simplifications are possible.

We are pleased that this releases our customers from an unlawful audit. At the same time, we are concerned that the regulator only responded to the distress signals from the industry after judicial intervention. What if Bitonic hadn’t gone to court?

We hope that politicians will reflect on this further. As a result of this situation, the entire sector has been unnecessarily confronted with high costs and administrative burdens, even though people have already been warned in advance about the invasion of citizens’ privacy and the risk of excessive supervision. This harms innovation and the business climate in the Netherlands. A stark contrast to the claim that the Netherlands stimulates an innovative entrepreneurial climate.

Further analysis and follow-up steps in the context of the decision will follow. In any case, the outcome is a positive step for the Netherlands.

For more background information and context, also read our previous articles about ‘the crypto law’ and the lawsuit between Bitonic and DNB.

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *

© 2024 Cryptocoin Budisma.net