Dutch lawmakers initiate crypto-regulations to combat money laundering

Despite the fact that cryptocurrencies are not considered as “legal tender” in the Netherlands yet, this has not hindered the trading of digital assets in the country. As asserted by the Court of Amsterdam, digital currencies are however, recognized as something that possess “transferable value” in the region.

In what seems to be a blow to the fairly lenient crypto-regulatory environment, Dutch lawmakers have resorted to regulating the ecosystem to combat growing money laundering figures annually. In a recent report, Wopke Hoekstra, the Dutch Minister of Finance, and Ferdinand Grapperhaus, the Dutch Minister of Justice and Security stated,

“Crime cannot pay. Not in the Netherlands, not in Europe, and not globally. This makes it possible for criminals to stay out of the reach of the government and to enjoy those proceeds undisturbed. These illegal proceeds can also be used to finance the same or new criminal activities”

As part of the national initiative, the government, regulators, the Financial Intelligence Unit [FIU], OM, FIOD, the financial sector, and accountants would be joining forces and an additional European central supervisor will come on board to intensify the monitoring.

The latest move by Dutch lawmakers comes on the back of the joint report published by De Nederlandsche Bank [DNB], the nation’s central bank, and the Netherlands Authority for the Financial Markets. The report called for the licensing of cryptocurrency exchanges and custody solution platforms, reported local media earlier this year.