The Minister of Finance of the Netherlands Wopke Hoekstra appealed to the Parliament with a proposal to develop national rules for the regulation of cryptocurrencies.
These measures should be aimed at protecting consumers, says Hoekstra. First, he proposes to hold negotiations with the companies serving credit cards to provide more secure guarantee for their customers who buy cryptocurrency.
In addition, according to the politician, it is necessary to introduce mandatory registration of local bitcoin exchanges and cryptocurrency services, and to oblige them to identify their clients. These rules may enter into force by the end of 2019.
It is also proposed to adopt a law that will protect the interests of participants in the ICO.
“We are trying to determine whether the investors participating in the ICO, to protect as well as participants in the IPO. The existing legal framework is not enough,” writes Hoekstra.
Previously, the regulators of the Netherlands had already turned their attention to the problems related to ICO. So, the Dutch financial markets authority in November last year called the market ICO “dangerous cocktail.” Hoekstra proposes to ban the promotion of potentially dangerous financial products among ordinary investors.
In addition, the Minister of Finance urged to collaborate at EU level and to conduct research on “cross-border nature of this market.”
Earlier about the possible need for regulation of the cryptocurrency market at the international level, said Vice-President of the European Commission Valdis Dombrovskis.