A business that accepts, holds or pays in crypto-assets takes on legal risks that have little to do with the technology. The main ones are money-laundering liability under Articles 420bis to 420quater of the Dutch Criminal Code (Wetboek van Strafrecht), sanctions screening under the Sanctions Act 1977 (Sanctiewet 1977) and accurate accounting of holdings whose value moves sharply; the exception is that only professional crypto service providers need a MiCA licence from the AFM. Our article on Regolamentazione delle criptovalute e MiCA Il primo documento tratta del regime di licenze; questo invece si occupa dei rischi di non conformità che si presentano anche laddove non sia richiesta alcuna licenza.
Sommario
Perché le criptovalute attirano l'attenzione in materia di riciclaggio di denaro?
Because a wallet address does not by itself reveal who is behind it. Cryptocurrencies such as Bitcoin and Ethereum run on a blockchain: a shared ledger that records every transaction but is controlled by no single party. If you cannot show where the crypto-assets you receive came from, the Public Prosecution Service (Openbaar Ministerie) and the FIOD can draw you into a criminal investigation, even if you did nothing wrong yourself.
Cosa prevede la legge olandese in materia di riciclaggio di denaro?
Money laundering is a criminal offence in three forms, and the lightest one requires no intent at all. Article 420bis of the Criminal Code punishes concealing or transferring an asset while knowing it derives from crime. Article 420ter raises the maximum sentence where money laundering is a habit (gewoontewitwassen). Article 420quater covers culpable money laundering (schuldwitwassen): you did not know, but should reasonably have suspected, the criminal origin. All three carry imprisonment and a fine; the maximum rises with the degree of intent and habit.
In che modo i tribunali olandesi hanno applicato questo principio al Bitcoin?
Dutch courts have repeatedly convicted people of money laundering where the origin of bitcoins could not be explained, and they have accepted banks ending relationships for the same reason:
- The District Court of Midden-Nederland convicted a man of habitual money laundering because he let a co-defendant use his bank account to cash out about €1.65 million from bitcoin sales on darknet markets. The court held that he had knowingly accepted the substantial chance that the money derived from crime (ECLI:NL:RBMNE:2017:5716, 14 November 2017).
- In a case arising from the FIOD investigation “IJsberg” into bitcoin traders, the District Court of Rotterdam convicted the suspect of money laundering. Bitcoins in his wallet came partly from dark-web marketplaces; he exchanged them for cash through a trader charging a 5-7% commission and never explained their origin (ECLI:NL:RBROT:2017:8992, 8 November 2017).
- In summary proceedings, the District Court of Amsterdam allowed ING to end its relationship with a company that bought bitcoins for clients with cash. The company could not adequately explain the source of about €3.6 million in cash deposits (ECLI:NL:RBAMS:2017:8376, 16 November 2017).
The same facts come back in each case: dark-web origin, unexplained cash, and counterparties who will not disclose where funds come from.
Le criptovalute sono ora regolamentate nell'UE?
Yes. The EU Markets in Crypto-Assets Regulation (MiCA) sets licensing and conduct rules for crypto-asset service providers, and since 30 June 2025 every provider offering crypto services in the Netherlands needs a MiCA licence from the Netherlands Authority for the Financial Markets (AFM). The old DNB registration has ended, and supervision of compliance with the Anti-Money Laundering and Anti-Terrorist Financing Act (Wwft) and the Sanctions Act for these providers has in principle moved to the AFM.
Regulation has not removed the criminal-law risk described above. MiCA governs who may offer crypto services and how; the Criminal Code and the Wwft govern what happens when the money itself looks dirty.
Quali sono gli obblighi contabili e di informativa derivanti dal possesso di criptovalute?
Your annual accounts must show crypto-assets at a consistent, explained valuation, and client assets must be kept apart from your own. Under Article 2:10 of the Dutch Civil Code (BW), a company must keep records from which its rights and obligations can be known at any time. Because crypto values can move sharply within one reporting period, explain the valuation method, not just the closing figure. Where you hold crypto-assets for clients or third parties, separate them clearly in the administration: mixing them makes it far harder, in an investigation or a bankruptcy, to show which assets belong to whom.
An example to illustrate: a trading company accepts crypto from an overseas counterparty it has not dealt with before, converts the coins to euros the same day and books the proceeds as ordinary sales. No one records which wallet the coins came from or why the counterparty did not pay by bank transfer. If that counterparty later turns out to be linked to crime, the company has no paper trail to show good faith, and under Article 420quater of the Criminal Code that missing paper trail is exactly what the prosecutor will point to.
What should you check as a business dealing with crypto-assets?
Make sure you can answer a bank’s or a regulator’s questions before they are asked. In practice, check the following:
- Do you keep a record of the origin (wallet and counterparty) of every crypto-asset you receive?
- Do you screen counterparties and wallet addresses against EU and Dutch sanctions lists before a transaction, not after?
- Does your activity require a MiCA licence from the AFM, and if so, are customer due diligence and transaction monitoring under the Wwft in place?
- Do you treat a refusal to explain the origin of funds, or the use of anonymity services for a fee, as a warning sign?
- Are client crypto-assets separated from company assets, and is your valuation method documented?
- Is there a short written internal policy telling staff when to escalate a transaction instead of processing it?
None of this guarantees that no investigation will follow. What it does is give your bank and, if it comes to that, a court evidence that you took the origin of the crypto-assets seriously.
What can we do for you with crypto compliance?
avvocati aziendali work with businesses that accept or hold crypto-assets. We can:
- Assess whether your activity falls under MiCA and the Wwft, and whether you need an AFM licence.
- Draft a short internal compliance policy on origin checks, sanctions screening and escalation.
- Review the file and documentation when a bank or payment provider asks questions about crypto income.
- Assist you during an FIOD or police interview if you are suspected of money laundering.
- Challenge a bank’s termination of your account, if the bank has not properly weighed your interests.
Sintesi
- Dealing in crypto-assets can expose a business to money-laundering liability under Articles 420bis, 420ter and 420quater of the Dutch Criminal Code, even without intent.
- Dutch courts have convicted people of money laundering where bitcoins could be traced to the dark web and their origin was not explained.
- Since 30 June 2025, crypto service providers in the Netherlands need a MiCA licence from the AFM; the AFM in principle also supervises their Wwft compliance.
- Documenting the origin of crypto-assets and screening counterparties is the main practical safeguard.
Domande frequenti
È illegale commerciare criptovalute nei Paesi Bassi?
No. Trading itself is lawful. A business that provides crypto services professionally needs a MiCA licence from the AFM, and anyone who deals with crypto-assets of unclear origin risks a money-laundering investigation under Articles 420bis to 420quater of the Criminal Code.
What is the difference between money laundering and culpable money laundering (schuldwitwassen)?
Money laundering under Article 420bis of the Criminal Code requires knowledge that the asset derives from crime. Culpable money laundering under Article 420quater applies where you did not know but reasonably should have suspected it, and carries a lower maximum sentence.
La legge WWFT si applica a tutte le aziende che hanno a che fare con le criptovalute?
No. It applies to crypto-asset service providers, such as exchanges and custodian wallet providers. A company that occasionally accepts crypto as payment for its own goods or services is not automatically a Wwft-obliged entity, but it can still be investigated for money laundering if it cannot explain where the crypto-assets came from.
What should I do if my bank starts asking questions about crypto-assets I received?
Answer them, with documentation. In ECLI:NL:RBAMS:2017:8376 the District Court of Amsterdam allowed ING to end a relationship over unexplained cash linked to bitcoin purchases; refusing to cooperate makes a business look more suspicious, not less.
