Nijmegen, November 14, 2023 – The United Bitcoin Companies in the Netherlands (VBNL) responds to recent developments regarding the new Sector Standard for risk-based customer due diligence for crypto service providers, introduced by the Dutch Banking Association (NVB). While the VBNL welcomes the attempt to create clarity, it has critical comments on the current state of affairs. First of all, the VBNL emphasizes that there is currently no legal basis for the proposed Sector Standard. The industry organization recognizes the need for risk-based customer due diligence, but points out the importance of a solid legal framework to safeguard the rights and obligations of all parties involved. The United Bitcoin Companies in the Netherlands welcomes the NVB's intention to create a standard. However, the VBNL notes that only a small part of its input can be found in the current Sector Standard. The VBNL emphasizes the importance of a broader representation of the interests of crypto service providers in the development of such standards. A point of great concern for VBNL is the limited access to banking services for companies active in the crypto industry. The industry organization regrets that Dutch banks make it virtually impossible for companies in the crypto sector to open a bank account. These obstacles hinder legitimate companies from carrying out their activities and do not contribute to a healthy and diverse economy. For example, the NVB Sector Standard assumes that self-management in itself has a risk-increasing character. This is not sustainable. VBNL points out that self-management of crypto assets should actually be considered as risk-reducing. VBNL regrets the lack of recognition of this in the Sector Standard and this Standard is therefore not entirely based on facts. The United Bitcoin Companies of the Netherlands continues to commit to a constructive dialogue with the NVB, DNB and other parties involved in order to find a balanced approach that respects both the interests of the financial sector and those of the innovative crypto industry.