Big news from the Dutch crypto sector. Eleven Dutch crypto companies are taking De Nederlandsche Bank (DNB) to court. They demand that the costs of overseeing the crypto companies, which they must pay themselves, be reduced. According to the eleven crypto firms, DNB would not comply with the law. This makes The Telegraph known.
Treatment crypto sector illegal
The Dutch financial watchdog demands stricter supervision than is required by law. According to the industry association VBNL, Dutch crypto companies incur very high costs as a result.
These costs are so high that several crypto companies were forced to stop. These companies then settled abroad or decided to work without registration. The remaining registered crypto companies have to share the costs of supervision and this is simply unsustainable.
According to Patrick van der Meijde, chairman of VBNL, this policy makes the Netherlands a very unattractive place for crypto companies. It is a major obstacle to further technological development. According to van der Meijde, DNB is shooting itself and the Dutch tech sector in the foot: “DNB damages innovation and competitive position,” said van der Meijde.
DNB is thus pushing the crypto sector into a difficult position. The costs that the DNB charges for supervision would only increase in recent years. According to the group of prosecutors, crypto companies should be treated the same as other payment service providers.
Not the best situation for crypto Netherlands
DNB has not yet responded to the indictment. The story is somewhat reminiscent of the situation in the United States. There too, the crypto sector is struggling with a difficult financial regulator. US crypto companies complain that the Security and Exchange Commission (SEC) avoids all constructive dialogue and only slows down the crypto sector.
It is hoped that the lawsuit between the Dutch crypto companies and DNB will lead to a better situation. Constructive dialogue between regulators and interested parties is crucial for a healthy sector. An initial hearing will take place later today.
I will also be present at the hearing tomorrow on behalf of the members of VBNL. Objection to supervision costs 2020 and 2021 will now really come to court. https://t.co/CDlUg0gC46
— PatrickvdMeijde #usingbitcoin (@PatrickvdMeijde) May 30, 2023