It was June 13 report of the committee debate published by the Finance Committee on crypto. In the debate, a number of interesting statements from the Finance Committee on cryptocurrencies emerged. In this article we list some of the important things that have been said during this debate.
Will there be a crypto ban?
One of the main points raised in the debate was a potential crypto ban. According to the committee, a large number of Dutch people have lost money on cryptocurrencies. The Central Planning Bureau therefore came up with the idea for a complete crypto ban.
Although VVD committee member Heinen sees many comparisons between crypto and gambling, he thinks a total ban would go too far. Minister Sigrid Kaag of Finance (now outgoing) also finds a general crypto ban unnecessary.
Like the other members of the committee, Kaag believes that a crypto ban is easy to circumvent and that it is also a financial development that should be regulated instead of prohibited.
Europese crypto wet MiCA
The Markets in Crypto Assets Act (MiCA) has been passed and will be enacted in 2024. The law drawn up by the European Union aims to regulate and unify the crypto industry more. Minister Sigrid Kaag is also enthusiastic about the law. According to her, the MiCA law will be a strong starting point for regulation in the Netherlands.
Minister Kaag said that until the introduction of the MiCA law, the Dutch government will have little or no regulation on a national scale. The Dutch government will not legislate for crypto until the MiCA law is enacted.
Once the MiCA law is in place, the Public Prosecution Service will be empowered to act on the basis of European legislation. If a crypto exchange does not comply with the regulations, they are authorized to completely block the platform’s site.
The ministry is also concerned about the advertising and influencers surrounding crypto. Addiction sensitivity has also been mentioned several times in the debate. However, the ministry believes that rules to address it are of little use before MiCA is there. Minister Kaag said that the ministry currently has little information about which cryptos are in circulation and when there are pump-and-dump promotions by influencers.
Possible climate rules for bitcoin mining
In the debate it emerged that the ministry currently has few plans to tackle the climate problems surrounding crypto. Bitcoin mining consumes a lot of power and can therefore be environmentally polluting. However, only 1.5 years after the introduction of the MiCA law, there will be a major investigation into the problem. Only then will measures be taken.
That investigation is of great importance, as it will be the trigger for further measures to be introduced. The research will show how effective the MiCA legislation actually is. Once the investigation has taken place, 1.5 years after the introduction of the law, adjustments will be made. The adjustments will mainly concern issues such as tax evasion and advertising.
2023-07-14 19:03:43
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