On February 15th, the European Cryptocurrency Exchange (EUCX [ https://eucx.io ]), together with others such as Unibright, Leep Network and Cryptoline News, and the European Blockchain Foundation (EBF [ http://bit.ly/2Xb8ze9 ]) visited the Dutch Parliament to discuss the upcoming new financial regulations, which will encapsulate cryptocurrencies, or “virtual currencies” as the law refers to them.The new laws will go into effect on January 1st, 2020.Simply put, the new law will enable customers to hold exchanges (or other central brokers) accountable for their behavior in the broadest sense of the term, as cryptocurrency companies will finally be alleviated to the level of institutional financial entities. So for customers of exchanges this law is a great thing to happen. It will enable cryptocurrencies to finally be able to be taken serious.While customers won’t notice all too much from the new regulations (apart from required KYC in an attempt to counter money laundering), the central parties, such as exchanges will be slapped in the face with a plethora of rules to abide by.EUCX is one of those exchanges that wants to pioneer in regards to compliance and sets an example to be in close discourse with regulators and government.During the talks with the Dutch Parliament members, both EUCX and EBF felt that the concerns of the present parties were taken seriously.We want to emphasize the following: the Dutch government is definitely NOT anti-crypto. They’re also not anti-blockchain or anti-anything-crypto-related. In fact, it’s the COMPLETE OPPOSITE!They simply wish to construct a solid legal framework for cryptocurrencies to operate in. Just like the classical financial institutions.Currently, there is no legal definition of what a cryptocurrency is or what it does, except that one of the lower judges of the country ruled that Bitcoin et al. can legally be used for bartering and that it mostly resembles a commodity.Getting a legal definition of what a cryptocurrency is, is going to be huge, and, will lay the foundations towards protecting those who got screwed over by central parties who did whatever they liked “because it is fake inter-web money anyway”.The government’s main concern is that the Average Joe doesn’t get screwed over again. They told the present parties that their discussion regarding crypto actually got started because of the many scams (such as some exchanges that pack up their stuff when a regulator starts asking questions...) that screwed over so many people who didn’t know what they were getting into.And in that sense, cryptocurrencies are being equalized to stocks.The government is not going to limit cryptocurrencies. The government is going to regulate the SCAMMY BEHAVIOR OF COMPANIES and make money laundering through cryptocurrencies a criminal offense.That, ladies and gentlemen, is huge. That is what we’ve been waiting for!This all ties into the plan that the government has: in 1602 the Dutch invented stocks and the stock market and took the leading position in the financial world. Now, the Dutch want to take this leading role once again, by turning the Netherlands into a true, innovative Crypto Hub.Say hello to the Netherlands: Blockchain CountrySome links:https://eucx.io (European Cryptocurrency Exchange)https://twitter.com/eucx_eric (EUCX founder)https://twitter.com/eucx_erwin (EUCX founder)http://bit.ly/2SaW6na (article on the news)http://bit.ly/2Xb8ze9 (European Blockchain Foundation)https://twitter.com/BartBrands1982 (EBF founder)
Submitted February 19, 2019 at 10:09PM
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