Amsterdam, 8 September – AMBTS has taken note of the ruling by the Trade and Industry Appeals Tribunal (College van Beroep voor het bedrijfsleven, CBb) in the proceedings between AMBTS and the Dutch Authority for the Financial Markets (AFM). At the end of July, AMBTS appealed the AFM’s decision to qualify AMBTS as an alternative investment fund rather than an operational, commercially driven company. The Tribunal agreed with the AFM that AMBTS should be classified as an alternative investment fund and that its prospectus did not meet the additional information requirements.

AMBTS was founded on the conviction that a new economy is emerging around Bitcoin which, like any other economy, depends on trust. That trust is built through robust infrastructure, continuity and broader adoption. Bitcoin forms the foundation of a global network on which payments and trading take place. Parties that provide and manage capacity within that network are compensated for doing so. Operating that infrastructure requires companies to hold Bitcoin themselves. The size of their bitcoin holdings therefore partly determines their operational capacity.

AMBTS regrets that, under the current Dutch application of the EU legal framework, there appears to be no room for the business model as currently structured by the company. At the same time, the proceedings have provided greater clarity on how companies operating within the bitcoin economy are assessed in the Netherlands.

Lucas Wensing, CEO of AMBTS and Amdax:

“We are disappointed by the ruling and by the way the legal framework has been applied in this case. It stands in the way of innovation in the financial system and puts Europe at a disadvantage in the further development of the bitcoin economy. This does not change our conviction. With interest rates remaining high, government debt rising and its sustainability increasingly being questioned, investors are looking for alternatives. Bitcoin combines scarcity with a decentralised network on which its own digital economy is emerging. That economy needs companies that build infrastructure, provide capacity and deliver services. Amdax, the initiator behind AMBTS, will remain committed to this development.”

For AMBTS, it remains important that Europe creates room for this development. New financial infrastructure around digital assets will continue to be built globally. Europe should be able to establish its own position within this market, supported by clear legal frameworks and strong regulatory oversight.

AMBTS is reviewing the ruling and its implications and is considering the next steps together with its advisers. The company will provide a further update when appropriate.