Pete Hoekstra, Netherlands’ Minister of Finance, received official advice that a licensing system should be introduced for crypto services.
The Netherlands is a country in western Europe with a population of around 17 million. The Netherlands has a developed economy built on agriculture, natural gas, machinery, chemicals and metallurgy. In 2017, the World Intellectual Property Organization ranked the Netherlands as the third most innovative country in the world. The Netherlands has the 17th largest economy and is one of financial centers of the world. The Dutch government sees banning cryptocurrencies as an impractical move and wants to regulate the financial institutes that are working with it. The Netherlands has no Bitcoin tax and has no plans of making it illegal, but the Netherland Bitcoin exchanges will be subject to future regulatory frameworks. All firms working with cryptocurrencies would be covered by anti-money laundering procedures and be obliged to gather a lot of information about their customers.
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