The Ministry of Finance of the Netherlands gave advice to the government to regulate cryptocurrency

In a six-page letter to the Senate, the Minister of Finance of the Netherlands Wopke Hockstra (Wopke Hoekstra) has expressed concern about the rapid development of the cryptocurrency industry.

Hekstra stressed that regulators there is very little time to understand the situation and to respond to the rapidly changing sector of digital currency and existing regulatory and legislative framework not prepared to do.

As new technology and market have a transboundary character, in order to close existing gaps, a very important integrated international approach. The Minister is going to actively work against regulation of the industry in Europe, however, that the process was complete, need time and interaction between different governments and agencies.

Like most other politicians, Hekstra considers justified, the promotion and development of the technology underlying the cryptocurrency. However, in addition to the concerns about fraud and hacker attacks, the Minister expresses concern with immaturity and unregulated nature of the market and the lack of a proper way to inform consumers about potential risks.

As a starting point in assessing future policies and regulation to control risks associated with the cryptocurrency, Hockstra notes the following:

  • Addressing gaps in the protection of consumers and investors.

  • To ensure the unity of the financial system.

  • Support of innovative technologies underpinning cryptocurrencies such as cryptography and the technology of distributed registry (DLT).

  • The application of a unified approach at the international level. Internal rules and regulations are easy to circumvent and difficult to follow.

Minister opposes ban on cryptocurrencies, as this is contrary to their decentralized and transborder nature. In his opinion, much more important is to bring cryptocurrency under a single legislative framework. To this end, the Netherlands together with the Ministry of Finance of France and Germany to discuss cryptocurrencies at the G20 summit. The Netherlands wants to perform a leading role in European and international approach to the cryptocurrency.

Hockstra said: «we Hope that the process of implementing legislation and regulation by which it will come into force, these new rules will end in late 2019. I also predict changes in the Fourth AML / CFT Directive of the European Union, aimed at preventing tax evasion». Recall that in the Directive, which came into force in June 2017, contains new parameters and standards adopted by the European Union to prevent money laundering and financing of terrorism.

Despite the fact that the letter Hoekstra not an official document and is Advisory in nature, it reflects the direction that will move the Netherlands, Europe and most countries in the world.

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