EU’s AMLD5 anti-money laundering implement in Holland, after this announcement by Holland government Dutch Bitcoin(BTC) platform Bittr cease their operation countrywide due to new law. With the new law crypto firms will implement more fee than credit card companies.
Company confirmed that they will shutdown all operation on 28 April 2020.Company said government want to collect data of every customer even he buy 10$ Bitcoin(BTC) , Waterman said: , “even those that purchase as little as [$28] worth of Bitcoin).
”“[E]very Bittr customer has already proven their identity to their bank,” asserts the platform’s founder, adding: “We would much rather have our customers trust a party for such sensitive documents they already trust with safekeeping their money anyways. ”He said government should do some amendment for single owners as its not possible for him or any single handed business owner to hire compliance officer for KYC documentation.
“[T]hey’re treating every bitcoin company in The Netherlands as a bank and a startup like Bittr does not fit into this regulatory scheme in my opinion,” he asserts. The AMLD5 rule is going to implement all region in Holland prior to end of 2020. Watermark said that regulations first translated into Dutch with some modifications to cover small business dealing with crypto.
The new law in Holland implement on around 50 Netherlands based crypto companies to pay about 1.8$ million fee to the central bank for security. While the cost distribution and turnover yearly in different. After the situation the Deorbit, Mining pool and Simple coin closed their companies. Waterman further said that he will relocation Biter somewhere else in Europe to continue the business.