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In the Netherlands require compliance with ICO rules

On Thursday, Dutch finance minister Wopke Hoekstra published a letter to parliament in which he is advocating an international approach to regulating cryptocurrency.

11.Mar.18 4:11 AM
By Daria Zaytseva


In the Netherlands require compliance with ICO rules

His initial focus is new consumer protection measures offered by public documents. To start, Hoekstra wants to talk with credit card companies about how to potentially establish stronger protection for people who buy cryptocurrency with credit cards.

According to some proposals put forward by Hoekstra, local exchange platforms and cryptocurrency services would reportedly need to be registered with the government and by the end of 2019 adhere to know- your-customer requirements. In the letter, the minister of finance proposed new laws to help protect participants of initial coin offering (ICOs).

The Netherlands Authority for Financial Markets (AFM), which is the Dutch equivalent of the U.S. Securities and Exchange Commission, issued a statement last November that the ICO market is a "dangerous cocktail". Raising these statements, Hoekstra proposed to ban advertising of risky financial products for ordinary consumers.

In addition, he promised to work with other countries in the European Union and promote joint research to study the "cross-border nature of the market".

Nevertheless, Hoekstra pointed out that in the Netherlands more work is required to update the country's laws taking into account of cryptocurrencies and more speculative activity around it.

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