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Fees from cryptocurrency firms in the Netherlands will exceed AMLD5 requirements

Fees from cryptocurrency firms in the Netherlands will exceed AMLD5 requirements

The Netherlands will introduce fees for cryptocurrency companies that exceed those required under the Fifth European Union anti-money laundering Directive (AMLD5).

The Dutch Ministry of Finance is going to set additional fees for firms working in the cryptocurrency industry in order to comply with the AMLD5 Directive. However, these fees will significantly exceed even the amounts that traditional trust companies and Bank card issuers are required to pay.

According to the founder of Bitkassa, Patrick van der Meijde (Patrick van der Meijde), the service will have to allocate an average of €34,000 annually for compliance with regulatory requirements. Meide said that Bitkassa has no problems paying basic expenses, but the amount for additional Supervisory status is too high. He added that due to such innovations of the Dutch government, which is abusing the provisions of AMLD5 in favor of its interests, cryptocurrency firms may be on the verge of bankruptcy.

Frank HART, a partner at the Amsterdam-based law firm Hart Advocaten, said that such fees are significantly higher than the amounts stipulated by AMLD5. If the government does establish them, it will mean that the Dutch Ministry of Finance is exceeding its authority. The Dutch Association of Bitcoin Companies also believes that the government’s overly strict approach to regulating cryptocurrency activities, which is not based on the risks inherent in digital assets, is unfair.

Recall that from January 10, 2020, the Central Bank of the Netherlands began to regulate all companies working with cryptocurrencies. In the fall, the press Secretary of the Central Bank of the Netherlands Tobias Oudejans (Tobias Oudejans) said that cryptocurrency firms based outside the Netherlands may be banned from working in the country.