The Netherlands will introduce fees for cryptographic companies that are higher than those required under the Fifth European Union Anti-Money Laundering Directive (AMLD5).
The Ministry of Finance of the Netherlands is going to introduce additional fees for firms operating in the cryptographic industry to comply with AMLD5. However, these fees will significantly exceed even the amounts that traditional trust companies and bank card issuers are required to pay.
According to Bitkassa founder Patrick van der Meijde, the service will have to pay on average €34,000 per year for regulatory compliance. Meijde said that Bitkassa has no problems with payment of basic costs, but the amount for additional supervisory status is too high. He added that due to such innovations of the Dutch government, which abused AMLD5 provisions in favor of its interests, cryptographic firms may find themselves on the verge of bankruptcy.
Frank Hart, a partner in Amsterdam law firm Hart Advocaten, said that such fees far exceeded AMLD5. If the government did establish them, it would mean that the Dutch Ministry of Finance was exceeding its authority. The Dutch Association of Bitcoin Companies also considers it unfair that the government's overly strict approach to regulating cryptographic activities is not based on the risks inherent to digital assets.
We would like to remind you that from January 10, 2020 the Central Bank of the Netherlands began to regulate all companies working with cryptov currencies. In autumn, the press secretary of the Central Bank of the Netherlands, Tobias Oudejans, said that cryptovalue firms based outside the Netherlands may be banned from working in the country.
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