The Ministry of Finance of the Netherlands started the introduction of a licensing system for cryptocurrency companies to end anonymous trading scriptactive.
According to local newspaper Nederlandse Omroep Stichting (NOS), the country’s Finance Minister Wopke Hoekstra (Wopke Hoekstra) has received formal advice Management on the financial markets of the Netherlands (AFM) and the Central Bank (DNB) on the introduction of licensing cryptolog. The Minister said that work began immediately after receipt of the recommendations.
It is reported that the decline in the wave of speculative kleptomania made actions for the protection of investors and less relevant. Therefore, the emphasis in the regulation of cryptocurrency in the country are offset by the prevention of money laundering and the financing of terrorism. According to the financial intelligence Service of the Netherlands, the number of suspicious transactions with cryptocurrencies increased from an average of 300 to 5000 a year, according to NOS.
It is assumed that the implemented licensing system will require kryptomere and providers cryptocell monitoring of customer transactions and inform authorities about suspicious activity. Companies will have to collect and store information about customers, to be able to pass it on to the authorities if necessary.
The Central Bank also announced that the company will be tested before obtaining a license, for example, to test the ability to collect and store the required user data.
According to a member of the Board of Directors of the Bitcoin Foundation Nederland Richard Kohl (Richard Kohl), the new regulation will bring companies a large amount of paperwork and huge costs. In his opinion, this will adversely affect the competitiveness of innovative industries.
Recall that in August last year, the representative of the Central Bank of the Netherlands said that they did not consider cryptocurrency money, but prevent them do not intend to. In December it became known about the preparation of the rules of licensing companies in the industry.