Dutch Ministers Call for Cryptocurrency, Cash Use Regulations

The officials stated that the authorities govern cryptocurrencies, should ban cash payments on 3,000 euros and ban 500 euro banknotes, since these instruments can facilitate money laundering.
Published at Mon, 01 Jul 2019 21:30:00 +0000 "Crime cannot pay. Not in the Netherlands, not in Europe and not worldwide. Through a concerted effort, we want to select the approach to money laundering into a higher degree."

Dutch ministers have urged the authorities to regulate cryptocurrencies and certain cash payments over money laundering issues in an announcement on July 1. In the Netherlands' Authority for the Financial Markets De Nederlandsche Bank, and the principal bank, Hoekstra received advice in January, that a licensing system should be introduced for crypto services. Since Cointelegraph reported in May, Dutch and Luxembourg government with Europol closed down one of the greatest cryptocurrency tumblers -- an anonymity tool which transforms trades of coins into private ones. According to the announcement, Minister of Finance Wopke Hoekstra and Minister of Justice and Security Ferdinand Grapperhaus sent the"strategy to money laundering" proposition into the parliament on July 1.  The Netherlands do not understand cryptocurrency as a legal money, although a year ago that a court found bitcoin (BTC) to be a valid"provincial worth" in a penalty payment case. The draft also asks to improve watchdogs groups like the Public Prosecution Service, the police, the Fiscal Information and Investigation Service and the Financial Intelligence Unit and the enforcement capabilities of applicable government and authorities.

Banks may reportedly be encouraged to discuss information regarding questionable clients In case the bill is approved. The Netherlands may also advocate for the introduction of a European Union ruler dedicated to fighting cross-border cash laundering. Grapperhaus commented: