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.