New Dutch Law: Clients Must Explain Why They Want To Buy Bitcoin

New Dutch Law: Clients Must Explain Why They Want To Buy Bitcoin


Netherlands-based crypto exchanges are now required by law to get additional information from clients regarding their bitcoin addresses. As part of the new requirements, which went into effect on Nov. 17, clients must now furnish exchanges with reasons why they wish to buy bitcoin. They will also need to inform the exchange officials of the kind of wallet they use.

Additional Requirements

The new Dutch regulatory changes have gone into effect despite protestations by some of the country’s crypto exchanges. The Dutch Central Bank (DNB), which is enforcing the new regulations, wants crypto service providers to adhere to the provisions of the country’s Sanction Act 1977 just like other “supervised institutions.”

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Meanwhile, Bitonic, the Netherland-based crypto exchange that opposes the new requirements, wants clients to support their stance. To do this, the exchange is asking clients “to formally object to these additional measures and the registration of this data.” The Bitonic team says they will soon “release a

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