Fees from cryptocurrency firms in the Netherlands will exceed AMLD5 requirements

The Netherlands will introduce fees for cryptocurrency companies higher than those required under the FifthEuropean Union Anti-Money Laundering Directives (AMLD5).

Dutch Ministry of Finance is about toset additional fees for firms operating in the cryptocurrency industry in order to comply with the AMLD5 directive. However, these fees will significantly exceed even those amounts that traditional trust companies and bank card issuers are required to pay.

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

Partner at Amsterdam Law Firm HartAdvocaten Frank Hart has stated that such fees far exceed AMLD5. If the government really establishes them, this will mean that the Dutch Ministry of Finance is exceeding its authority. The Dutch Association of Bitcoin Companies also considers unfair the government’s overly harsh approach to regulating cryptocurrency activities, which is not based on the risks inherent in digital assets.

Recall that from January 10, 2020, the CentralBank of the Netherlands began to regulate all companies working with cryptocurrencies. In the fall, a spokesman for the Dutch Central Bank, Tobias Oudejans, said that cryptocurrency firms based outside the Netherlands may be prohibited from working in the country.

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