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Services for the provision of custodian wallets

Relevant for:
cp
Status
Factsheet
Date:
11 november 2019
Validity:
valid 
Reference:
02384
Author:
DNB

The Act implementing the AMLD5 defines a custodian wallet provider as an entity that provides services to safeguard private cryptographic keys on behalf of its customers, to hold, store and transfer virtual currencies.

The Explanatory Memorandum to the Act implementing the AMLD5 clarifies that a custodian wallet provider is considered as such if it is in a position to independently access the user's virtual currency. This requires the entity to administer the customer's private cryptographic key in such a manner as to enable it to hold, store or transfer its customer's virtual currencies. This applies in any case to providers that possess the users’ private keys, even if such keys are also shared among several customers.

Providers of custodian wallets need to register if they provide these services in a professional capacity or on a commercial basis in or from the Netherlands.

Providers that in no way whatsoever have access to their customers’ virtual currencies, i.e. providers of non-custodian wallets, do not need to register. They provide, for example, applications or devices that give users access to their virtual currencies to store them or show them the balance of their virtual currencies.

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Sector
  • Banks
  • Clearing institutions
  • Collect­ive invest­ment schemes
  • Crypto service providers
  • Electronic money institutions
  • Exchange transaction
  • Insurers
  • Investment firms
  • Payment institutions
  • Pension funds
  • Premium Pension Institutions
  • Trust offices
Laws and EU Directives
  • CRD IV en CRR
  • Act on the Supervision of Trust Offices (Wet toezicht trustkantoren – Wtt)
  • Anti-Money Laundering and Anti-Terrorist Financing Act
  • Payment services in the internal market
  • Regulations establishing European Supervisory Authorities
Base law
  • Anti-Money Laundering and Anti-Terrorist Financing Act (Dutch-only)
  • Implementation Act amending the fourth anti-money laundering directive (Dutch-only)
  • Explanatory Memorandum (Parliamentary paper 35 245, no. 3)
Related topics
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  • Reporting duty
  • Transaction monitoring
  • Customer Due Diligence
more
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