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Dutch FM Hopes For International Regulatory Framework For Cryptocurrency

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Dutch Finance Minister Wopke Hoekstra has stressed the need for drafting International Regulatory Framework to bring cross-border Cryptocurrency operations under unified control.

Wopke Hoekstra made the call in a letter sent to the Dutch Parliament notifying it of the actions he plans to take for regulating cryptocurrency markets in the country.

In a six-page letter, the Finance Minister apprised members of the Dutch Senate and House of Representatives about his concerns over the fast growth in cryptocurrencies.

The current national supervision and regulatory framework are insufficient to deal with the challenges posed to the economy, according to him. A European and international approach is required given the transborder nature of the cryptomarket, he said. The minister plans to work with his European counterparts to develop an international regulatory framework for crypto markets,

Germany, France and European Commission have called for discussion in the G20 context to see what can be done to strengthen and streamline current regulatory policies.

Hoekstra made it clear that the Netherlands is ready to play a leading role in the European and international approach to cryptocurrency.

It is estimated that the cryptocurrency market in the Netherlands is currently attracting more than 6 million people, and this number is going to increase in the coming days.

He noted that the European nations have recognized that the safety of cryptocurrency deposits are not guaranteed. There are also risks of misusing cryptocurrencies for illegal activities like terrorism financing and money laundering.

Hoekstra said that he hopes the European community will be able to bring about international regulations he described in his letter by the end of 2019.

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