Publishing Verified Trader Performance — Netherlands Regulatory Overview

How NakedPnL is positioned in the Netherlands under the AFM, DNB, the Wft, MiFID II, MiCA, and the Autoriteit Persoonsgegevens-supervised GDPR regime.

NakedPnL operates a public registry of verified investment performance produced by individual traders who voluntarily connect read-only exchange API keys or sign on-chain wallet attestations. Daily NAV snapshots feed a time-weighted return (TWR) calculation; results are recorded in an append-only, SHA-256 chained ledger and Merkle-anchored to Bitcoin via OpenTimestamps so any third party can independently re-verify them.

This page describes how that activity is positioned under Dutch law, with reference to the Autoriteit Financiële Markten (AFM), De Nederlandsche Bank (DNB), the Wet op het financieel toezicht (Wft), MiFID II, MiCA, and the GDPR / UAVG framework supervised by the Autoriteit Persoonsgegevens (AP).

How NakedPnL is classified in the Netherlands

NakedPnL's activity is the production and distribution of factual performance data. The platform is not authorised under Article 2:96 Wft as a beleggingsonderneming (investment firm), is not authorised under Article 2:65 Wft as a beheerder van een instelling voor collectieve belegging in effecten (UCITS manager) or under Article 2:65 Wft as a beheerder van een beleggingsinstelling (AIF manager), and does not appear in the AFM register or DNB register of authorised institutions.

Beleggingsadvies: Article 1:1 Wft

Beleggingsadvies — investment advice — is defined in Article 1:1 Wft as the giving of personalised recommendations to a client, either at the client's request or on the firm's initiative, in respect of one or more transactions involving a specific financial instrument. The wording follows MiFID II Article 4(1)(4); the operative element is that the recommendation must be presented as suitable for a specific client or be based on consideration of the client's circumstances.

AFM guidance and the Besluit Gedragstoezicht financiële ondernemingen Wft (BGfo) draw a clear line between personalised advice and impersonal information. Investment research and other forms of general information distributed through publications generally fall outside the beleggingsadvies perimeter, provided they do not amount to a personal recommendation directed at a specific client.

NakedPnL does not produce client-specific outputs. The registry shows the same content to every reader of a given page; the platform does not collect a client's kennis en ervaring or financial objectives and does not run a geschiktheidstoets under Article 4:23 Wft. On those facts, the platform's analysis is that the published content is general information and is outside the beleggingsadvies perimeter.

Investment firm and management perimeters under the Wft

Article 2:96 Wft requires authorisation to provide investment services or perform investment activities in the Netherlands; the underlying investment services are listed in Article 1:1 Wft and align with MiFID II Annex I, Section A. NakedPnL does not provide any of those services: it does not receive or transmit orders, does not execute orders for the account of clients, does not deal on its own account, does not manage individual portfolios, does not underwrite or place financial instruments, and does not operate a trading venue.

Article 2:65 Wft governs UCITS managers and AIF managers, implementing Directive 2009/65/EC and Directive 2011/61/EU respectively. NakedPnL does not operate any UCITS or AIF; it does not pool capital and does not manage any commingled vehicle. Each trader's reported performance arises from trading on the trader's own exchange or wallet account.

MiFID II, MiCA, and EU-level overlay

MiFID II (Directive 2014/65/EU) and MiFIR (Regulation 600/2014) set the EU-wide conduct-of-business framework for investment firms. Their Dutch transposition into the Wft and BGfo governs Dutch beleggingsondernemingen. NakedPnL is not an investment firm under MiFID II Article 4(1)(1).

MiCA (Regulation (EU) 2023/1114) entered into application for crypto-asset service providers (CASPs) on 30 December 2024. The crypto-asset services covered by MiCA are listed in Article 3(1)(16) and detailed in Annex I — including custody, exchange, transfer, advice, and portfolio management of crypto-assets. NakedPnL does not provide any of those services; read-only API keys and on-chain wallet attestations do not confer custody, exchange, or transfer authority. The Wet ter voorkoming van witwassen en financieren van terrorisme (Wwft) crypto-asset registration regime that applied between 2020 and 2024 was largely superseded by MiCA's CASP authorisation regime.

What NakedPnL does not do

• No copy trading. The platform cannot replicate a trader's positions into another user's account.
• No beleggingsadvies under Article 1:1 Wft.
• No reception or transmission of orders.
• No portfolio management for clients.
• No UCITS or AIF management under Article 2:65 Wft.
• No crypto-asset service under MiCA Article 3(1)(16).
• No custody of crypto-assets, fiat, or financial instruments.
• No ongereguleerde provisies or finder's fees from regulated firms.

These design choices are encoded as feature flags in the codebase and protected by a continuous-integration test that fails the build if any flag is changed.

What Dutch users should know

Dutch users should treat the registry as factual performance data. In het verleden behaalde resultaten bieden geen garantie voor de toekomst — a phrase the AFM and ESMA require regulated firms to display alongside past-performance information. NakedPnL applies an equivalent statement on every trader profile.

If a third party offers to manage your money based on a NakedPnL track record, that party is responsible for its own AFM or DNB authorisation. Check the AFM register, the DNB register, and the AFM's warning list (waarschuwingen) before transacting with any firm that holds itself out as authorised. NakedPnL does not vouch for any third-party manager.

Persoonsgegevens: GDPR, UAVG, and the AP

GDPR (Regulation (EU) 2016/679) applies directly. The Uitvoeringswet AVG (UAVG, Stb. 2018, 144) supplements it nationally. The Autoriteit Persoonsgegevens (AP) is the Dutch supervisory authority and issues guidance on a range of topics, including the cookie regime under Article 11.7a Telecommunicatiewet implementing the ePrivacy Directive.

Lawful bases used by the platform include performance of a contract for users with an account, legitimate interests for minimal aggregated analytics, and explicit consent for the public listing of a trader's handle and TWR series in the registry. Cookies and similar technologies generally require explicit consent under Article 11.7a Telecommunicatiewet, except for those strictly necessary for the requested service. Users can exercise rights under Articles 15 to 22 GDPR through the privacy contact and may complain to the AP via the autoriteitpersoonsgegevens.nl complaint portal.

Tax considerations

NakedPnL is not a Dutch financial institution and does not produce jaaroverzichten or pre-filled tax declarations. Personal investment activity by Dutch tax residents typically falls under Box 3 of the Inkomstenbelasting (forfaitair rendement on grondslag sparen en beleggen), with the regime under reform pursuant to the Wet werkelijk rendement Box 3 expected during the 2025–2027 transition. Crypto-assets are generally treated as Box 3 vermogensbestanddelen. A Dutch belastingadviseur is the right resource for specific questions.

EU disclaimer variant for the Netherlands

The Netherlands is part of the European Union and is mapped to the eu disclaimer variant in lib/jurisdictions.ts. The user-visible additional notice reads: This service does not constitute investment advice under MiFID II Article 4(1)(4). Performance data is published for informational purposes only. The eu variant also requires a cookie consent banner and explicit consent under GDPR and the Dutch ePrivacy implementation.

Frequently asked questions