Minister Dijsselboem: virtual currencies such as Bitcoin are not subject to AFM or DNB supervision

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Virtual currencies such as Bitcoin are not covered by the scope of financial supervision legislation. This was Minister of Finance Dijsselbloem's response last Thursday to Parliamentary questions. The Netherlands Authority for the Financial Authorities (AFM) and De Nederlandsche Bank (DNB) have warned consumers about the risks of virtual currency and are closely monitoring further developments.

The Minister currently sees no reason to adjust financial supervision legislation for virtual currencies. "The purchase of Bitcoins is an investment that entails a high level of risk. In principle, the responsibility for using Bitcoins lies with the consumer." argues the Minister.

Earlier this month, the AFM (Be aware of the risks of Bitcoins), DNB and the European Banking Authority (EBA) already warned of the risks of virtual currencies.

DNB, the AFM and the Minister of Finance are closely monitoring further developments surrounding Bitcoin and other virtual currencies.

The AFM is committed to promoting fair and transparent financial markets.

As an independent market conduct authority, we contribute to a sustainable financial system and prosperity in the Netherlands.

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