Wopke Hoekstra, who holds the post of Minister of Finance of the Netherlands, offered to look more closely at foreign colleagues regarding the regulation of the cryptocurrency market.
The minister is sure that the state’s attention should be focused on the observance of consumers’ rights. As they say, if you want changes, start doing them yourself. Hoekstra said that he intends to hold a meeting with representatives of companies issuing credit cards in order to strengthen the protection for buyers of cryptocurrency.
Hoekstra also believes that it is necessary to turn decentralized exchanges into more or less centralized ones at least partially. According to the Minister, this can be achieved by introducing mandatory state. registration of all cryptocurrency services and exchanges. Also, any cryptocurrency organizations should identify their users to ensure the safety of consumers’ funds, Hoekstra believes.
“It is being investigated whether investors in ICOs can become just as good protected as investors with a normal IPO or bond issue. The current framework is not sufficient for this”.
The minister did not stop and besides other things suggested to introduce a ban on any advertising from a potentially risky and speculative ICO in order to save ordinary consumers.
Hoekstra also said that the Netherlands needs a big change in the law regarding cryptocurrency, because the level of speculation in the country is higher than ever.
“The current supervisory framework and instruments are insufficiently tailored to cryptocurrency,” he wrote.