Dutch regulator AutoriteitFM says it will apply new EU crypto laws strictly, even if it means losing business to other jurisdictions. jackschickler reports.
AFM Chair Laura van Geest said cryptocurrency wasn’t good news, linking it to fraud, manipulation and speculation, and said the EU’s Markets in Crypto Assets regulation will only partly address its risks.
“Given the previous history, we see no reason to be lenient in enforcement” when it comes to applying the MiCA rules, which will require wallet providers and exchanges to seek licenses which will let them operate across the EU bloc in around 18 months’ time. MiCA offers a single set of rules that will be put into practice by national authorities like the AFM, potentially meaning some crypto firms will simply look for the regulator that offers the easiest regime. Van Geest said she’d have preferred to have more consistent supervision by EU-level agencies, but won’t be undercutting standards to attract business.
“It is not for nothing that a MiCA 2 is already being presaged,” she said, noting that the regulation doesn’t apply to problematic areas like crypto lending.
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