Several demands for more funds to improve control of the crypto industry among new European rules have been turned down by the Dutch finance ministry from the Authority for the Financial Markets (AFM).
The ministry has also imposed restrictions on the financial sector contributions the AFM may request.Local sources claim that the AFM, in charge of Dutch financial markets, believes more funds is needed to handle new obligations under the European bitcoin law, MiCa.
Crypto Regulation Priority Differences
On the other hand, the finance ministry advocates a low regulation approach and considers more financing as “politically unachievable”. The AFM contends that this method is insufficient for good monitoring.
This choice exposes a notable difference in priorities between the AFM and the finance ministry. While the AFM has vowed to concentrating on sectors posing the most threats to consumers and investors, the ministry seems less worried about crypto-related fraud.
Notwithstanding this dedication, the AFM has not yet proposed certain strategies for future control of the crypto industry.With regard to bitcoin control, the Netherlands has traditionally been circumspect.
The nation has already punished major bitcoin exchanges for not following anti-money laundering policies and local registration requirements. This cautious approach is maintained as the finance ministry gives political feasibility first priority over more aggressive regulations for the growing crypto industry.
