Saturday, May 18, 2024

The authorities in the Netherlands will remain strict when it comes to digital currency rules, even though other European countries may have relaxed their restrictions. The person in charge of overseeing the virtual money industry thinks that cryptocurrency is bad and has written an article about its shortcomings.

Will Crypto Currencies be Completely Banned? The Latest on the EU’s MiCA Regulations

Most countries in the West are becoming stricter with cryptocurrencies, but it is not likely that they will completely ban them. This was suggested by Laura van Geest who is the leader of the Dutch Authority for Financial Markets in a newspaper article about digital currencies.

The EU is about to introduce the Markets in Crypto Assets (MiCA) regulation, but it will be less strict for cryptocurrencies than other financial products. The executive spoke up and said that cryptocurrencies are not trustworthy because they can be easily tricked, cheated or controlled in some way.

Laura van Geest mentioned that crypto assets’ value mainly depends on speculation and their prices can change quickly. She said, “We reminded those in the financial field to be responsible and warned consumers about the risks.”

Research from AFM has revealed that around 2 million people in the Netherlands hold some form of cryptocurrency, with most investing less than €1000. It’s also noted that there is still a gap between the crypto world and traditional finance in the country.

Last year, the EU and all its countries came up with an agreement called “MiCA”. It basically sets out rules for companies that offer cryptocurrency services and those companies have to get special permission from the government in order to do business in the European Union.

The head of the Dutch financial authority said that they were going to keep their rules and regulations strict, as it was part of their good reputation. This way, people who want to get a Dutch license would still come to them instead of another country.

Laura van Geest said that, even if it means that some companies will go to other countries in Europe to do business in The Netherlands, the Dutch government will stay on this path.

A warning from authorities has come true – some banks are in trouble because of cryptocurrencies. This news was shared by Belgium’s old Finance Minister Johan Van Overtveldt who even asked for a ban on digital coins.

Do you think that other countries in Europe will have stricter rules about digital money than those already established by MiCA? Tell us what you think down below in the comments section.

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