Netherlands Will Take Powerful Line Imposing MiCA, Dutch Regulator Says

The Netherlands will take a troublesome line implementing new European Union crypto guidelines even when it means enterprise goes elsewhere, the pinnacle of the Dutch Authority for Monetary Markets (AFM) has stated in an article printed Friday.

AFM Chair Laura van Geest stated cryptocurrency wasn’t excellent news, linking it to fraud, manipulation and hypothesis, and stated the EU’s Markets in Crypto Property regulation (MiCA) will solely partly handle its dangers.

“Given the earlier historical past, we see no motive to be lenient in enforcement” with regards to making use of the MiCA guidelines, which would require pockets suppliers and exchanges to hunt licenses which is able to allow them to function throughout the EU bloc in round 18 months’ time.

MiCA affords a single algorithm that shall be put into apply by nationwide authorities just like the AFM, probably that means some crypto companies will merely search for the regulator that provides the best regime. Van Geest stated she’d have most popular to have extra constant supervision by EU-level companies, however received’t be undercutting requirements to draw enterprise.

“It isn’t for nothing {that a} MiCA 2 is already being presaged,” she stated, noting that the regulation doesn’t apply to problematic areas like crypto lending.

Lawmakers on the European Parliament are set to formally vote on the regulation in April.

Learn extra: MiCA on the Door: How European Crypto Companies Are Getting Prepared for Sweeping Laws