The Dutch Minister of Finance calls for multinational crypto-currency regulation

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Dutch finance minister calls for multinational crypto-currency regulation Dutch finance minister calls for multinational crypto-currency regulation fd55a11c716688697f530f1a53ed76df

Dutch Finance Minister Vopka Hekstra notified the Senate and the Parliament of his plans to take measures on crypto-currency regulation. In an open letter, he said he intends to work with other European countries on this issue, but it will take time to develop appropriate measures.

Хекстра отметил, что число голландских граждан, вложивших средства в криптовалюту, в прошлом году возросло, и теперь ею владеют полмиллиона жителей страны. Существует необходимость закрыть пробелы в защите потребителей и инвесторов, но действия должны быть пропорциональны рискам. Кроме того, должна быть гарантирована целостность финансовой системы, а также целостность технологий, поддерживающих криптовалюты, таких как криптография и .

European countries recognized the risk of investing in the crypto currency, because they are not guaranteed. There are also concerns about the use of crypto currency for illegal purposes, such as money laundering.

Since the current regulatory crypto currency base is not sufficiently developed, Germany, France and the European Commission called for discussion of measures to regulate it. According to Hextra, the Netherlands should play a leading role in this process.

According to the Minister of Finance, has no central authority and is inherently transboundary, therefore international measures are extremely necessary.

Hextra will be part of the Financial Action Task Force (FATF), an international intergovernmental organization focused on combating money laundering and countering the financing of crime and terrorism.

The anti-money laundering rules that apply to banks and other financial institutions should also be applied to crypto exchange sites and digital storage providers.

Financial crypto-currency institutions must be registered, must comply with reliability requirements and report unusual transactions to the National Financial Intelligence Unit.

As for the state institutions investing in the crypto currency, Hextra believes that the guidelines for investment are set in the Law on the Financing of Local Authorities and other normative acts.

He said that he would devote himself to the European regulation of the ICO. He will also look for an approach to resolving issues of regulation of derivative products, such as futures and binary options. As for derivatives, now you can trade Bitcoin derivatives, as the Chicago Mercantile Exchange and the Chicago Stock Exchange have introduced Bitcoin futures.

The management of the financial markets of Holland (AFM) and the European Office for Supervision of the Securities Market (ESMA) expressed concern about the sale of derivatives, including binary options, to non-professional investors. Hextra believes it is important that regulators consider the possibility of selling these products to non-professional crypto-currency investors.

Hexstra hopes that the developed legislation and regulations will come into force at the end of 2019.

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