Is Bitvavo regulated?
At the moment there are not yet any specific laws or regulations which apply to the services related to digital currency offered by Bitvavo offers. Bitvavo is likely to be regulated in the near future by legislation based on the Fifth Anti-Money Laundering Directive, which should be implemented in all EU member states in January 2020.
In anticipation of the upcoming legislation, Bitvavo aims to already comply with its requirements as much as possible. As a result, Bitvavo already has the following measures in place:
- Customer Identification.
- Customer Verification.
- Transaction Monitoring.
In addition, Bitvavo is a member of the ‘Verenigde Bitcoin Bedrijven Nederland’, a self-regulating association which requires its members to behave according to a code of conduct consisting of ‘best practices’ in the digital currency sector.