фото показано с : invezz.com

De Nederlandsche Bank (DNB), the Dutch central bank, has responded to the complaint that crypto brokerage platform Bitonic made, regarding the wallet-verification requirement it sought to implement. A press release revealed this news through a press release on May 20, noting that the regulator acknowledged the company’s point of view, which claimed the new obligation was unlawful and that it should not have been introduced during the company’s registration.

Bitonic shared DNB’s response in the press release, with the regulator saying,

After reconsideration, DNB comes to the conclusion that this interpretation of Article 2, second paragraph, RtSw, given by DNB, does not do enough justice to the discretion that an institution has to implement this standard in a risk-oriented manner. DNB has therefore incorrectly set the registration requirement as a condition. for the registration of Bitonic.

By admitting that it was wrong, DNB has greenlighted Bitonic to remove the wallet verification measures. As such, the company will no longer require its users to submit a screenshot of their wallet’s transactions. The firm noted that it will look into other modifications it can make in light of this even to simplify the user experience.

According to Bitonic, the outcome of its fight against DNB is a positive step for the Dutch crypto sector and the international crypto space as well. This is because regulators in the country cannot deny crypto firms access to markets based on unlawful requirements and procedures.

While Bitonic was relieved that its customers will not have to put up with an unlawful and burdensome procedure anymore, the company said that it only achieved this after taking DNB to court. To this end, the firm appealed to local politicians to support the country’s crypto sector, which faced high costs and administrative burdens due to DNB’s wallet verification requirements.

This news comes after the Dutch House of Representatives voted in favor of adding a new European anti-money laundering guideline (AMLD5) into Dutch law. The lawmakers’ decision came even after the country’s crypto industry pointed out that the law goes beyond what is required. Additionally, the players in the Dutch crypto space warned that the law would impede innovation.

Bitonic noted that such laws have harmed the country’s crypto industry significantly, contrasting the notion that the Netherlands fosters an innovative business climate.

The post DNB accepts Bitonic’s complaint and cancels the wallet-verification policy appeared first on Invezz.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

104 +