On 21 April 2020, the Dutch Parliament called for an amendment of the Money Laundering and Terrorist Financing Prevention Act and the Trust Office Supervision Act 2018 implementing Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018.
22 May 2020
In order to maintain Dutch employment in the innovative Dutch blockchain and crypto sector, it is essential to relieve SMEs as far as possible of unnecessary and unnecessary administrative practices that hamper innovation.
Dutch supervisory rules are in conflict with the European directives and do not find any legal basis, leading to excessively costly supervision by DNB and indirectly to the loss of high-quality employment in the Netherlands.
The Parliament therefore calls on the government, before the Act enters into force, to enter into consultation with the regulator DNB and the sector to ensure in advance that the direct costs of supervision and compliance are proportionate and to ensure that actual enforcement under the Act is limited to what is strictly necessary on the basis of the European Directive.
This article was originally published in the April edition of REGWATCH. Read the full edition covering the following jurisdictions:
- European Union
- Hong Kong
- United Kingdom