Legal context

Greenhood is of the opinion that it does not provide regulated services in the Netherlands. Greenhood has had research conducted into whether it possibly i) provides payment services under PSD2, ii) provides crypto-asset services under MiCAR, or iii) intermediates in payment accounts and electronic money. This is not the case.

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No payment services‍

Greenhood is not involved in transactions via a SAFE Wallet: the User initiates, signs and publishes a transaction themselves on the blockchain. The Greenhood App functions solely as an interface in this regard; Greenhood never has control over the User's EMTs and cannot initiate or execute transactions on behalf of the User. Furthermore, the SAFE Wallet does not qualify as a payment account, meaning Greenhood is also not involved in account information or payment initiation services, nor does Greenhood have access to any transaction information of the User. Greenhood therefore does not provide payment services and does not require a licence as a payment institution.

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No crypto-asset services

‍Greenhood cannot hold, store or transfer crypto-assets (or the keys thereto) of Users and plays no role in the recovery of the SAFE Wallet. The SAFE Wallet therefore qualifies as a non-custodial wallet, which is excluded from the scope of MiCAR in the recitals of MiCAR. A crypto-asset transaction is executed directly from the User's SAFE Wallet to the recipient, without Greenhood obtaining control over the crypto-assets at any point. Furthermore, Greenhood does not have access to transaction information. Greenhood does not act as an intermediary but as a software provider of a technical interface. Greenhood therefore does not provide crypto-asset services under MiCAR and therefore does not require a licence as a CASP.

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No intermediation in payment accounts or electronic money

‍The payment account (IBAN) is offered by Monerium, a licensed electronic money institution. The opening of the payment account and the purchase of electronic money (EURe) take place entirely directly between the User and Monerium, outside the Greenhood App and without Greenhood obtaining or passing on any data of the User. To the extent that the User purchases EMTs via their SAFE Wallet through decentralised exchanges (DEX) or other dApps, they interact directly with these protocols. Greenhood therefore does not intermediate in payment accounts or electronic money.