Is Bitvavo regulated?
Bitvavo is obliged to register with De Nederlandsche Bank with the introduction of the fifth anti-money laundering directive that came into effect on 21 May 2021. This registration obligation means that Bitvavo:
- Customer must identify.
- Customers identity must verify.
- Transactions should be monitored.
- External wallets needs to be verified.
- In some cases, the origin of the funds must be verified.
In addition, Bitvavo is a member of 'Verenigde Bitcoin Bedrijven Nederland', a self-regulatory body that imposes a code of conduct on its members, based on which the 'best practices' in the digital currency sector must be complied with.