Client Communication and Promotion Compliance Manual

Change Log

Version	Date	Summary of Changes	Approvers	Impacted Policies/Procedures	Notes
1.0	October 2025	Initial manual	Board	All
1.1	April 2026	Cross-manual harmonization following AML/CTF/CPF Manual v2.1	Board	Section 1, 3, 4, 5, 6, 7, 8, 9

1 Purpose and Scope

Clear and compliant communication is critical for building trust with clients, regulators, and the public.

This manual provides guidance for all staff involved in communication, marketing, promotions, onboarding materials, client messaging, and public-facing content. It must be applied together with Bitkaya’s AML/CTF/CPF, complaints, safeguarding, privacy, and market conduct frameworks.

Communications must not only be accurate, clear, and not misleading, but must also avoid undermining Bitkaya’s legal, regulatory, sanctions, confidentiality, and anti-tipping-off obligations.

Roles

The Board approves the policy.
Senior Management and Compliance approve key public communications in accordance with the risk-based approval workflow.
Compliance owns communication standards, required disclosures, approval criteria, monitoring, breach assessment and regulatory alignment.
Marketing, Operations, Client Service and other content owners substantiate claims and use approved wording.
AML, sanctions, privacy, safeguarding and legal control owners review communications affecting restricted matters.
Authorized spokespersons control official public and social-media statements.
Employees escalate inaccurate, misleading, inconsistent or potentially restricted communications.

Scope

This policy applies to employees, contractors and representatives who create, approve, publish or deliver website content, white papers, social-media posts, advertisements, campaigns, client documents, emails, onboarding communications, service updates, risk disclosures and public statements.

2 Legal & Regulatory Foundation

To avoid fines, reputational damage, or loss of license, Bitkaya must follow Curaçao’s rules for VASPs. These rules set the standards for how information can be shared with clients and the public.

Core Legal References

Article 42 LvT VAD: All advertising and information must be accurate, clear, and not misleading.
Article 46 LvT VAD: Client interests must always come first; fee structures must be transparent.
Article 63 LvT VAD: When giving advice, Bitkaya must check if the client understands the risks and can bear losses.
FATF Rec. 15: VASPs must ensure transparency and consumer protection in communication.

What This Means for Bitkaya

Every communication is subject to regulatory review (explicitly or implicitly).
The Central Bank (CBCS) has the authority to set detailed rules and sanction non-compliance.
Transparency, honesty, and fairness are not just ethical standards — they are legal obligations.

3 Principles of Client Communication

All client and public communications must reflect accuracy, clarity, fairness, transparency, and respect.

In addition:

communications must not create unrealistic expectations about onboarding outcomes, transaction execution, speed of release, or approval certainty;
communications must not imply that Bitkaya will process any client, transaction, wallet, or payment flow regardless of legal, sanctions, or compliance restrictions;
communications must not promise outcomes that remain subject to review, control approval, or legal restriction; and
communications must be consistent with Bitkaya’s obligations relating to confidentiality, privacy, and anti-tipping-off.

Where a matter is under internal review, communication should remain fact-based and limited to what may legally and appropriately be disclosed.

Restricted Licensing Representations

The sample licensing statements in the approved manual shall not be used automatically. Compliance must confirm the current legal status and exact approved representation before any communication states or implies that Bitkaya is licensed, authorized, registered or supervised. The existing BCMS VASP review pack records Article 134 transitional applicability, creating a representation risk that is tracked in ISS-COMM-001 Confirm Licensing Claims Approval Workflow and Operating Evidence.

4 Risk Disclosures

Bitkaya should also disclose, where relevant and appropriate to the context, that services, onboarding, transactions, withdrawals, transfers, or account functionality may be subject to legal, regulatory, sanctions, safeguarding, fraud prevention, or compliance controls. Such controls may result in additional review, delays, restrictions, refusal, or reporting where required by law.

Clients must understand that virtual assets are risky. Risk warnings are not optional — they are mandatory and must be visible in all marketing and client materials.

Mandatory Risk Statements

Volatility: “The value of virtual assets may rise or fall quickly.”
Loss of Capital: “You could lose your entire investment.”
Regulatory Changes: “Rules and laws may change, affecting your holdings.”
Technology Risks: “Hacking, system failures, or loss of access may lead to total loss.”
AML/CTF Monitoring: “Transactions may be monitored and reported under Curaçao law.”

Best Practice

Always place risk warnings in the same font size as promotional claims.
Avoid burying risks in footnotes.

5 Communication Channels & Practical Rules

Different communication channels present different legal and control risks. Communications must therefore be designed not only for marketing and client clarity, but also to ensure that staff do not overstate service certainty, encourage circumvention of controls, or disclose internal compliance decision-making improperly.

a. Website & Whitepapers

Must be factually accurate, updated regularly, and approved by Compliance.
Whitepapers (if Bitkaya issues tokens) require Central Bank approval (Art. 46).

Prohibited: “Guaranteed profits,” “Risk-free trading,” “Limited time double-your-money.”
Allowed: Educational posts, service updates, factual comparisons (with references).
Always add disclaimers: e.g., “#CryptoRisks notguaranteed.”

c. Advertising

Must be clear and balanced — same prominence for risks and benefits.
No promises of fixed returns.
Images and slogans must not mislead (e.g., using luxury cars to suggest wealth creation).

d. Client Documents & Emails

Client documents, onboarding materials, transactional messages, and emails must be accurate, understandable, and aligned with Bitkaya’s legal and operational framework. Where relevant, they must make clear that:

onboarding and transaction processing are subject to legal, compliance, and sanctions controls;
additional information or documentation may be required depending on the client’s risk profile or activity;
Bitkaya may delay, restrict, refuse, block, or report certain activity where required by law or internal control procedures; and
Bitkaya may be legally restricted in what it can disclose about certain reviews, escalations, or restrictions.

Standard language should be reviewed by Compliance where the message touches on onboarding, due diligence, restrictions, escalation, safeguarding, or legal reporting matters.

6 Client Onboarding Communication

Onboarding communication must be transparent, fair, and operationally realistic. Clients should be informed clearly that onboarding is subject to identity verification, screening, risk assessment, supporting documentation requirements, approval steps, and, where applicable, enhanced due diligence.

Onboarding communication must not imply automatic acceptance, guaranteed timelines, or unconditional service access.

Where higher-risk characteristics, incomplete documentation, unresolved alerts, or legal restrictions apply, communication should explain the need for further review in a manner that is clear but does not disclose internal compliance conclusions inappropriately or breach anti-tipping-off requirements.

7 Internal Approval Process

No external communication relating to products, services, onboarding, risk disclosures, restrictions, or operational capabilities may be published without appropriate internal review.

Compliance review is required where content touches on:

onboarding and due diligence expectations;
client acceptance or approval language;
sanctions, legal, or compliance restrictions;
safeguarding or asset access language;
complaints or escalation channels;
regulatory status or reporting obligations; or
representations about the certainty, speed, or permissibility of transactions or withdrawals.

Final versions must be retained in accordance with Bitkaya’s recordkeeping requirements.

8 Monitoring & Training

Bitkaya must monitor published and operational communication to identify misleading language, inconsistent statements, inappropriate promises, weak disclosures, or communications that could conflict with legal, sanctions, or compliance obligations.

Training should ensure that staff understand:

what they may and may not say about onboarding, restrictions, escalation, and internal reviews;
how to communicate delays or restrictions appropriately;
the importance of avoiding anti-tipping-off breaches;
when standard wording must be used; and
when Compliance approval is required before sending or publishing content.

9 Sanctions & Breaches

Misleading, incomplete, or inappropriate communication may expose Bitkaya to legal, regulatory, client protection, and reputational risk.

Where a communication issue also touches on sanctions, unusual activity review, legal restrictions, or internal compliance handling, the matter must be escalated and assessed in coordination with the relevant control functions.

Any staff communication that inappropriately discloses, confirms, or implies the existence of a sanctions review, unusual activity assessment, or internal reporting process may constitute a serious control breach and must be treated accordingly.

10 Templates & Examples

To make compliance easier, here are ready-to-use texts that can be copied into campaigns and documents.

Risk Disclaimer for Ads

“Virtual assets are high-risk and volatile. You may lose your entire investment. Bitkaya is licensed under the Landsverordening toezicht virtuele activa dienstverleners and supervised by the Central Bank of Curaçao and Sint Maarten.”

“Bitkaya N.V. is licensed and supervised by the Centrale Bank van Curaçao en Sint Maarten as a Virtual Asset Service Provider (VASP). Investments in virtual assets involve significant risks, including volatility, regulatory changes, and possible total loss of capital.”

Email Signature Disclaimer

“This communication is for informational purposes only and does not constitute financial advice. Virtual assets are volatile and may result in a total loss of funds.”

11 Proportionality Implementation

Proportionality ensures Bitkaya’s communication compliance remains effective, practical, and sustainable. By aligning controls with operational realities, Bitkaya maintains compliance with Curaçao’s VASP regulatory framework and FATF Recommendation 15, while promoting transparent, fair, and responsible client communication.

11.1 Purpose

This chapter outlines how the principle of proportionality is applied in implementing and maintaining Bitkaya’s Client Communication and Promotion Compliance Framework.

The proportionality principle ensures that compliance measures are appropriately scaled to the size, nature, and complexity of Bitkaya’s operations, in line with Article 4 and Article 8 of the Landsverordening toezicht virtuele activa dienstverleners (LvT VAD) and the supervisory expectations of the Central Bank of Curaçao and Sint Maarten (CBCS).

11.2 Definition and Principle

Proportionality means applying compliance standards and communication controls in a manner commensurate with Bitkaya’s business model, product offerings, risk exposure, and resources.

The same legal and ethical obligations apply to all Virtual Asset Service Providers (VASPs), but smaller or lower-risk entities may implement them through simplified, yet effective, processes and documentation structures.

For Bitkaya, a small and growing VASP, proportionality ensures that client communication remains clear, compliant, and transparent, without unnecessary administrative burdens that may hinder operational efficiency or innovation.

11.3 Implementation Approach

Bitkaya applies proportionality across all elements of client communication and promotion compliance:

Policy Design and Documentation

The Client Communication and Promotion policy is concise, risk-focused, and proportionate to the volume and type of client-facing activities.
Procedures are designed to achieve compliance outcomes (clarity, fairness, transparency) without requiring complex or redundant approval layers.
Internal approval workflows are scaled to operational size; Compliance and Senior Management jointly approve key public communications.

Risk Assessment and Communication Controls

Communication risks (e.g., misleading marketing, insufficient risk disclosure) are assessed relative to Bitkaya’s client base and product complexity.
For low-risk products and audiences, streamlined reviews apply, while communications about higher-risk or innovative virtual asset services undergo enhanced compliance scrutiny.
Compliance tools such as templates, disclaimers, and pre-approved text libraries are used to maintain consistency and reduce operational strain.

Monitoring and Oversight

Communication monitoring is performed quarterly, rather than daily, reflecting the current scale of marketing activity.
Proportional sample testing of advertisements, website updates, and client communications is used to confirm ongoing compliance.
The Compliance Officer reports findings to management, and the frequency or scope of monitoring may increase as the business scales.

Training and Awareness

Targeted compliance training focuses on staff directly engaged in client communication, marketing, and onboarding.
Frequency and depth of training are proportionate to the risk exposure of each function; new employees receive foundational training, while marketing and client service staff receive more detailed sessions.

11.4 Scalability and Continuous Improvement

As Bitkaya expands its services, client base, or jurisdictions, the proportional approach allows the compliance framework to evolve, moving from basic controls to more sophisticated review, automation, and reporting systems.

Periodic proportionality reviews ensure controls remain aligned with regulatory expectations and organizational capacity. For a small VASP such as Bitkaya:

Communication approval may rest with a single Compliance Officer and one member of management.
Monitoring and reporting cycles may be less frequent but must remain evidence-based and documented.
Use of pre-approved templates, disclaimers, and concise communication reduces operational burden while ensuring compliance with Articles 42, 45, and 46 of the LvT VAD.
As operations scale, the system must adapt to include automated review tools, more frequent audits, and layered management oversight.

Operating Layer

This policy is implemented through PRC-CPO-001 Client Protection and Operations and the linked PROC-COMM-* procedures and CTRL-COMM-* controls.

It extends the general market-communications layer in POL-MCT-001 Market Conduct and Trading Compliance Manual and coordinates AML, KYC, complaints, privacy, employee conduct and governance requirements without replacing those frameworks.

Implementing Procedures and Controls

Procedures

Controls

Source Document

Document title: Client Communication & Promotion Compliance Manual
Version: 1.1
Status in source document: FINAL
Date shown in source document: April 2026
Approver shown in change log: Board
Exact BCMS approval and effective date: 2026-04-21, taken from the approved PDF metadata
Permanent approved artifact: Bitkaya Client Communication & Promotion Manual v11 Approved.pdf
Note: the manual is an internal policy artifact and is not registered as a regulatory source.

Assurance

Design status: implemented from the Board-approved COMM Manual version 1.1
Operating assurance: pending system-derived assessment
Evidence status: approval workflow, template library, monitoring, training and released-content samples require confirmation
Overall status: implemented design; operating-effectiveness testing pending

History

2026-07-26: Aligned assurance wording with the system-derived Hermes/Odoo result model.
2026-07-26: Registered the approved COMM Manual and established its operating layer.
2026-07-28: Enriched policy body to 100% PDF coverage — all 11 sections of the approved manual transcribed verbatim.

BCMS

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