The Dutch Central Bank (DNB) has refused to refund overpaid crypto regulatory fees to crypto service providers, despite a court ruling declaring regulatory fee invoices illegal for 2021. The court in Rotterdam ruled on October 4, 2023 ruled that the fees charged were illegal and canceled the invoices. crypto companies to demand refunds within a month.
Crypto companies submit a formal notice of default
After DNB refused to reimburse overpaid costs for crypto monitoring, the crypto service providers involved officially reported their bankruptcy to DNB on Tuesday, November 7. They demand immediate reimbursement of paid invoices.
Disputes between the crypto industry and DNB continue
Disputes between the crypto industry and its regulator De Nederlandsche Bank (DNB) have already been discussed in detail in so-called budget and accountability panels. Pragmatic solutions to use previous fines against illegal players to finance monitoring costs were ignored. In a separate letter to the Ministry of Finance and De Nederlandsche Bank, the chairman of United Bitcoin Companies Netherlands expressed his dissatisfaction with the state of affairs at DNB’s budget board.
DNB benefits from fines in the crypto sector
Over the past year and a half, DNB has imposed fines of more than €6.5 million on the crypto sector, mainly on Binance and Coinbase. The supervision of the crypto sector seems profitable for DNB because this amount exceeds the annual budget amount. However, registered parties bear the costs of monitoring illegal parties, which is considered illegal.
Call for transparency and discussion
United Bitcoin Companies Netherlands advocates more transparency in DNB’s budget and accountability, with special attention to the relationship between the costs of maintaining illegal parties and the supervision of registered providers. Consultation with the Ministry of Finance and other European regulators is also necessary to ensure a level playing field for the Dutch crypto sector.
Source: BTC Direct
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Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
