Regulation
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The Dutch Financial Markets Authority will take a tough stance on enforcing new EU rules on cryptocurrencies. This was stated by the head of the department, Laura van Geest.
According to her, digital assets are associated with fraud, manipulation and speculation. At the same time, the provisions of the comprehensive regulation of cryptoasset markets (MiCA) will only partially eliminate these risks.
«[…] we see no reason to be lenient in law enforcement. […] Regulators’ warnings came true in the conditions of crypto winter. Prices plummeted, several exchanges went bankrupt. But will this permanently reduce the attractiveness of cryptocurrencies? […] MiCA solves some problems, but not all,” van Geest wrote.
The head of the Office stressed that the authorities of the country intend to strictly monitor the industry, even if this means leaving the business to other jurisdictions.
In October 2022, the members of the Council of the EU signed the text of the draft law on the regulation of digital assets without further discussion. MiCA includes rules that apply to issuers of unsecured crypto assets, stablecoins, trading and custodial platforms.
Crypto asset service providers will be required to adhere to strict requirements aimed at protecting consumers, and trading platforms will be required to provide white paper.
Earlier, the representatives of Germany, Italy and the Netherlands insisted on maintaining the provision for a limit of €200 million per day on stablecoin transactions with non-euro collateral.
Recall that in early 2023, the European Parliament moved the final vote on the document to April.
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