Netherlands toughens penalties for cryptocurrency related crimes

Netherlands plans to introduce more severe penalties for banking fraud applications and cryptocurrencies.

New bill of the Ministry of Justice andThe country's security aims to bring the penalties for fraud using these new payment methods into line with enforcement actions for crimes related to traditional payments.

For credit card fraud in the countrythreatens up to 6 years in prison, while the current terms for a similar crime with banking applications and cryptocurrencies are from one to four years, reports NL Times.

In addition to cryptocurrency and payment applications,The publications list applications for sharing accounts, which can also be included in the scope of the law being developed by the Minister of Justice Ferdinand Grapperhaus. According to another report, the bill is based on the EU Anti-Money Laundering Directive.

Grapperhouse said fraud withUsing new payment methods is becoming more common and can affect a large number of people. The Minister noted that the introduction of stricter penalties will serve as a deterrent.

New sentencing regime will beapply to such crimes as falsification of payment data, possession or sale of falsified data, forgery of credit cards and the use of phishing schemes.

In September, it was reported that cryptocurrencyOrganizations based outside the Netherlands may be prohibited from working in the country in accordance with the new regulation, which will be adopted early next year. Recall that the Central Bank of the Netherlands will begin to regulate cryptocurrency companies in January 2020.