In the coming months it should become clear which names will appear in the public register of De Nederlandsche Bank. The regulator is currently testing a number of applications against the law.
These 14 Bitcoin companies were killed by Dutch crypto law
In the run-up to the new legislation, there have been a number of victims who, for various reasons, saw to continue their activities. We list the names for you.
One of the better known names is without a doubt Bitkassa. They announced on 17 May that they would stop their activities.
BitKassa facilitates Bitcoin payments for entrepreneurs in the city of Arnhem. With the 2014 initiative Arnhem Bitcoinstad , Patrick van der Meijde, Annet de Boer and Rogier Eijkelhof have greatly stimulated the use of Bitcoin in their city. About 100 entrepreneurs used this service.
The thorn in the side are the excessive supervision costs and also fundamental objections. For example, a statement states on their site.
We want to show that there is an alternative, an independent money system where the users themselves are in control and are not at the mercy of the dangerous monetary game that central banks are currently playing.
It is therefore extra crude for us that DNB has been designated as supervisor. In addition to the large financial cost item, DNB also enforces far-reaching regulations. In our opinion, this regulatory burden is disproportionate for a company such as BitKassa and the nature and scope of our services.
The very first episode of Hup Bitcoin we spoke to Patrick van Bitkassa.
Bittr is also a well-known and appreciated name within the community. Her services were permanently discontinued on 20 May.
At Bittr you could easily purchase a fixed amount of BTC per day, week, month or year through a simple bank payment. Bittr bought bitcoin for the amount you sent and kept 1.5% of it in his own pocket.
A handy service if you want to gradually increase your stack of bitcoin. This strategy is also known as dollar cost averaging.
We spoke to founder Ruben Waterman in March this year.
They have found a buyer of their exchange software, but the name has not yet been announced. The underlying BV Nocks Payments has not been sold.
Customers are advised to withdraw their euros from their account before July 1, 2020. Cryptocurrencies must be converted into euros by Thursday, May 21.
In addition, a number of lesser-known names have unfortunately been killed.
Coingarden from Utrecht was the first party to announce that it would end its adventure. Here too, the “too high costs” are the main reason. The founders are now focusing on the gold brokerage Bitgild.
Not only the supervision, but also the implementation of software and the appointment of a compliance officer are frequently mentioned reasons. These are cost items that are difficult to handle for many start-ups.
Coingarden’s customer base has been acquired by Bitmymoney.
Also a nice company, Post-a-coin, a Bitcoin gift card service from Bèr Kessels. The idea is simple: a postcard with a corresponding amount of Bitcoin.
You could send this as a birthday present. Actually, it is a simple paper wallet, a nice way to introduce friends to Bitcoin (BTC). But gift cards are also subject to the law, a way of converting fiat money (euros) into BTC.
Simplecoin was a Bitcoin mining pool. The idea was also quite simple: miners were able to exchange their mined hashes (digital points) for a particular crypto coin. This also included proof-of-stake crypto coins that were no longer mine.
Christian Grieger, Co-founder of Simplecoin, told The Block that they had 42,000 users and two employees. Grieger co-founded with Marvin Janssen. The main reason mentioned is privacy considerations.
“Bitcoin mining should be available to everyone. Therefore, we refuse to compromise the privacy of our users. “
Chopcoin was a Dutch bitcoin gaming platform Chopcoin. It was the second company of the above Grieger, which he founded in September 2015 with Joshua Stoffels. They said they had 305,000 registered users and two employees.
All activities on the BitZeb platform have been discontinued as of April 29. The platform will be closed permanently on 14 May.
On May 21, it was announced that Bitqist has been acquired by Bitvavo for an unknown amount.
itBitvavo acquires Bitqist 🚀
Bitvavo has acquired Bitqist. Bitqist clients will be welcomed on the Bitvavo platform, where they can expect the low fees, ease-of-use and wide range of digital assets previously offered by Bitqist.
More info: https://t.co/D3G1IySnUG
~ Bitvavo pic.twitter.com/51HFZE18sH
– Bitvavo (@bitvavocom) May 21, 2020
Project from Tilburg that wanted to build a network of physical stores around its own crypto coin (Retailcoin). The idea was simple: you buy something from a store and you earn “bonus points” in Retailcoin with every new purchase.
Pretty obscure name from The Hague, which traded in Gulden, an altcoin of Dutch origin. See also Nocks at point 3.
According to the site Bitcoinuitleg.nl Bitcoin starter kit has also stopped there. They offered a starter kit with a voucher to buy bitcoin. Bitkassa was a partner, among others.
In the international field, there are also some regretted names who fell because of the AMLD5 implementation. Because foreign services that specifically target Dutch customers must also register. Moreover, other countries also implement the AMLD5 directive from Brussels.
At the end of last year threw the British company put the towel in the ring, due to stricter laws and regulations.
Bottle Pay is a Lightning bitcoin wallet. With the help of Bottle Pay you can send bitcoin very quickly via social media. Handy for a small tip / tip for your favorite streamer or journalist, for example. The wallet was taken off the air on December 31, 2019.
14. Faucet Hub
Faucet Hub provided a wallet service to sites to send micropayments to users. The site has since been taken offline.
In addition, two companies have moved from the Netherlands to Panama: Bitcoin ATM manufacturer General Bytes and Deribit, the global market leader in Bitcoin options.
We previously spoke to Martijn Wismeijer of General Bytes and Marius Jansen of Deribit for Hup Bitcoin about these companies.
The necessary names still remain within the Dutch playing field. Remarkably, it is the brokers and exchanges that survive this regulatory battle.
We have put together a number of names that – allegedly – want to register with the DNB. This list may be (in) complete:
- Anycoin Direct
- Bitcoin Master
- BTC Direct / Blox
- Next. exchange
The DNB has set up a public register of companies that have applied for registration. At the time of writing, no companies are included in this register.
Entry in the register will follow once an application has been approved.
Foreign players must also register as soon as they recruit Dutch customers to acquire Bitcoin or other cryptocurrencies.
An exchange such as Binance also actively recruits personnel in the Netherlands, an indication that Binance will also register with the DNB?
Hop Bitcoin with Simon Lelieveldt
With expert Simon Lelieveldt we – a few weeks ago – went through the consequences of the crypto law.
Disclaimer: Bitcoin Magazine Benelux does not offer investment advice. Our messages are for informational purposes only.