Dutch Authorities to Curb Crypto Trading Anonymity

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Dutch Authorities to Curb Crypto Trading Anonymity

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The Netherlands Authority for Financial Markets (AFM) and the central bank, De Nederlandsche Bank (DNB), are making recommendations to put an end to anonymous buying and selling of cryptocurrencies in the Netherlands.

Under proposed new rules, all crypto exchanges and wallet providers would be required to apply for a special license to operate, with Finance Minister Wopke Hoekstra pushing forward the new changes.

Some feel that this may be an “after the horse has bolted” scenario given what has been regarded as a largely uncontrolled crypto market in the country over the 18 months; a period where first-time investors have risked losses due to inexperienced and occasion fraud events. Also, given that many investors have withdrawn from the market due to dip in cryptocurrency values, some exchanges think this has a come a bit too late.

However, figures do illustrate that the industry has remained vulnerable, with Dutch police’s Financial Intelligence Unit (FIU) reporting digital-relegated fraud rising since the beginning of last year from an average of 300 to nearly 5,000 a year.

It is possible the Dutch are simply responding to last year’s new AML directive introduced by member states of the EU which stipulates that cryptocurrency trading platforms follow the same AML laws as traditional financial institutions. Under these laws, the 27 nations of the EU are also required exchanges to keep full records of transactions and report those which are felt to be in any way dubious.


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