June 18, 2024

Netherlands toughens penalties for cryptocurrency related crimes

The Netherlands plans to introduce harsher penalties for bank 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 countryfaces up to 6 years in prison, while current sentences for a similar crime involving banking apps and cryptocurrencies range from one to four years, reports NL Times.

In addition to cryptocurrency and payment applications,The publication lists account-sharing applications that could also be included in the scope of the law being developed by Justice Minister Ferdinand Grapperhaus. According to another report, the bill is based on the EU Anti-Money Laundering Directive.

Grapperhaus said that the fraud withThe use of new payment methods is becoming increasingly common and can affect large numbers of people. The minister noted that the introduction of stricter penalties will serve as a deterrent.

The new sentencing regime willapply to crimes such as payment falsification, possession or sale of falsified data, credit card counterfeiting and phishing schemes.

In September, it was reported that cryptocurrencyorganizations based outside the Netherlands may be prohibited from operating in the country under new regulation due early next year. Let us remind you that the Central Bank of the Netherlands will begin to regulate cryptocurrency companies in January 2020.