The Netherlands will not tighten regulation of cryptocurrencies
21.05.2021 | auglovoi
Last November, the Dutch Central Bank decided to develop stricter regulation of the cryptocurrency market. However, major market players disagreed, calling the initiative unfair. In addition, the court in Rotterdam filed a lawsuit against the regulator on this issue, which stated that the adopted amendments to the legal regulation, obliging to report all transactions, violate the right of citizens to privacy. The judicial authorities obliged the Central Bank to justify its position.
Now it has become known [https://bitonic.nl/en/news/231/dnb-formally-acknowledges-complaints-bitonic-and-revokes-wallet-verification-requirement] that the Dutch financial regulator has completely abandoned its idea of stricter regulation of cryptocurrency service providers. Having studied the issue, the representatives of the Central Bank concluded that the claims of cryptocurrency market players are justified. However, there was a call to exchanges and exchangers to apply adequate measures to verify users and transactions. All this should be aimed primarily at combating the illegal use of digital assets and tax evasion, while the legal regulation remains the same as for traditional financial assets.