Dutch Finance Minister calls for regulation of the ICO

Dutch Finance Minister calls for regulation of the ICO

The Minister of Finance of the Netherlands Wopke Hoekstra in an open letter addressed to the Parliament called for an international approach to the regulation of cryptocurrencies.

He proposes to focus on the protection of consumers and investors and proposes to start work with the companies serving credit cards, to prevent the purchase of cryptocurrencies through credit cards.

According to the proposals of Chemistry, a local cryptocurrency exchange and other companies of this sector should get a government check to the end of 2019, once they confirm that you comply with KYC policy. In a letter to the Minister of Finance proposed to create new laws to protect investors in ICO projects.

Now we are working to understand whether it is possible to protect investors of the ICO projects as well as protected investors of a conventional IPO. It is obvious that the current structure can’t cope with that.

It is noteworthy that last year the Dutch government body that regulates financial markets (AFM), said that the market ICO is a “dangerous cocktail.” Based on these statements, hekstra proposed to ban advertising of risky financial products (ICO).

In addition, he promised to work closely with other European Union countries and engage in joint study of “cross-border nature of the market.”

Our current control structure and the tools we use are insufficiently adapted to the cryptocurrency.

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