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New Dutch lobby group fights controversial crypto rules

New Dutch lobby group fights controversial crypto rules

In recent years, governments have gotten a bit tougher on the crypto industry. If left to certain governments and international regulators, the rules will soon become significantly stricter. But a new Dutch lobby group strongly disagrees and has called on the cabinet to initiate repeal proceedings.

Extremely strict crypto rules

Dutch finance experts Simon Lelieveldt and Jacob Boersma co-founded the Human Rights in Finance.EU (HRIF.EU) foundation. The duo wants to prevent the Dutch financial industry from infringing on the fundamental rights of the Dutch by overly strict anti-money laundering measures. Think wrongly blocked bank accounts, the mandatory provision of comprehensive identification documents and even deleted accounts.

This also has implications for the crypto industry. Finally, crypto even allows you to store your assets without third parties. But governments are less than satisfied with this possibility.

For this reason, among other things, it was initially mandatory to prove identity on crypto exchanges, and according to the schedule, individual wallet addresses and even personal data will soon have to be specified. For example, Coinbase already asks you to provide your full name and even your home address when you add your own wallet address. When you make a transaction, just like making a bank transfer, you need to state why you want to make that transaction.

Letter to Kaag about too strict crypto rules

But Lelieveldt and Boersma are not in favor of it at all. Therefore, on August 24, they set up the HRIF.EU foundation to lobby European governments for less strict anti-money laundering rules. They began immediately by writing a letter to Acting Finance Minister Kaag to initiate an annulment process for the controversial rules.

This means that highly sensitive personal data, such as wallet addresses and amounts in these wallets, in combination with your name and home address, are stored in various locations around the world. The foundation believes that this violates the Dutch constitution. If this does not happen, the lobby group will initiate a lawsuit.

Additionally, the organization aims to do much more than just protect people in the crypto industry. It also calls for assertiveness in the face of unjustified bank problems.

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