Dutch Crypto Regulation: Ministers becoming anxious, regulatory framework to be discussed

Several ministers in the Netherlands have voiced their concerns about cash payments and cryptocurrency regulations in the Netherlands.

They mention that making cryptocurrency payments above 3,000 EUR should be banned. Second, they think that the Netherlands should place cryptocurrencies under regulation. Furthermore, they want to limit the usage of 500 EUR banknotes.

The ministers imply that these three issues are a clear gateway for laundering money. Both inside and outside of the Netherlands. Accordingly, they require serious legal action as soon as possible.

Justice and Finance

The ministers that have voiced their concerns are the Finance minister Wopke Hoekstra and the Justice minister Ferdinand Grapperhaus.

The proposal for introducing the new laws and Dutch crypto regulation has already been submitted to the parliament. The parliament will most likely discuss the proposal during the next hearing.

It seems like the ministers did their research on the topic. They have provided similar cases in countries like Australia as backing for their proposal. Therefore, there is a big chance that the motion will pass and that the Netherlands will introduce a more restrictive crypto regulation.

More power to the authorities for Dutch crypto regulation

The ministers are also requesting the expand the jurisdictions of several financial regulators and the police department of the Netherlands.

It will most likely include the governance of the crypto regulation and the mandate to enforce local criminal law onto the digital space for virtual currencies.

This does not come from nowhere as the local central bank had already advised the finance minister to introduce a licensing system for digital currencies and bring them under a regulatory fold.

Once again, the proposal from these two ministers is more than justified in the eyes of most authorities and therefore there’s a high chance that their motion will indeed pass during the next hearing to define cryptocurrency regulation in the Netherlands in a more clear manner.