Netherlands Plans to Punish Crypto Scammers With Up to 6 Years in Jail

The Dutch government is about to get tougher with fraudulent schemes involving banking apps and cryptocurrencies.

AccessTimeIconDec 12, 2019 at 12:00 a.m. UTC
Updated Sep 13, 2021 at 11:48 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

The Netherlands is planning on bringing in harsher penalties for scams involving banking apps and cryptocurrencies.

Proposed new legislation from the country's Ministry of Justice and Security is aimed to align penalties for fraud utilizing these newer payment methods with those for crimes involving more traditional payments such as credit cards.

Card crime already has a maximum six-year jail term, while currently the penalty is from one-to-four years for apps and crypto, NL Times reports on Wednesday

Aside from cryptocurrency and payments apps, the report also lists bill-sharing apps like Tikkie as being subject to the planned bill, currently being worked on by Justice Minister Ferdinand Grapperhaus. The legislation builds on the EU’s anti-money laundering directive, according to another report from NOS.

Grapperhaus reportedly said that fraud via these newer payments methods is increasingly commonplace and can target large numbers of people. The minister said he hopes bringing in tougher penalties would act as a deterrent.

The new sentencing regime will also apply to crimes such as falsifying payment data, owning or selling falsified data, credit card forgery and phishing schemes, said NL Times.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.