Regulation
Although there is no regulation yet regarding Bitcoin, Bitmymoney follows as much as possible the European financial legislation. This includes, among other things, "know your customer" policy and measures to prevent money laundering.
VBNL - United Bitcoin companies in the Netherlands
Bitmymoney is affiliated with the United Bitcoin companies in the Netherlands. A good image, reliability, and trust are important basic conditions for a professional and successful bitcoin sector. The United Bitcoin companies in the Netherlands, therefore, attach great importance to maintaining and strengthening the reputation and integrity of its member companies. The aim of the United Bitcoin companies in the Netherlands is to monitor the quality of the connected Bitcoin companies in the Netherlands by promoting self-regulation and preventing and combating Bitcoin-related fraud. The association has been active since 2014 and offers governments and other institutions a point of contact.
Only companies that have the same high-quality requirements can join the VBNL.
Know your customer (KYC)
Regulations on financial services require Bitmymoney to take measures against abuse. This regulation always has two sides. On the one hand, protecting customers and on the other hand preventing financial violations (such as fraud, fraud and money laundering) through our services.
In practice, this means that we will ask you for personal information before we can provide certain services. This is called a "know your customer" policy. Also known as KYC, from the English Know your customer.
For example, you can easily buy bitcoins for a small amount. With larger amounts, we will verify your identity, through a bank account verification or submitting an identity card.
Measures against money laundering (AML)
Money laundering is the attempt to hide the nature, location, source, property or control of money. Also known as AML, from the English Anti Money Laundering. Bitmymoney has to take into account the fact that there are customers who want to cash in on bitmins or euros that have been illegally obtained via Bitmymoney's services.
Bitmymoney has developed a comprehensive policy to minimize the risk that our services will be used for money laundering. In addition to KYC measures, this policy also includes transaction monitoring with fraud detection and good cooperation with the police and other government agencies.
Annual overview & tax
The buying and selling of bitcoin are exempt from VAT. The possession of bitcoin counts with your assets. The value of your bitcoin must be added to your assets.
Every year Bitmymoney prepares the annual overview, no later than January 25th. You can use the annual overview with your tax return. See the explanation on bitcoins and tax.
More information about tax returns and bitcoins.
Warning
There are risky investment proposals with bitcoin active.
Pay attention if there are prospects that seem too good to be true.
We advise you to do good research and see if these are not scams. For example, in Google search for the proposals in combination with the word "scam". This way you can find out if there are more people who have had to deal with this.