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The Netherlands has been on a progressive front in the world of cryptocurrencies because of initiatives by the government, regulatory adjustments, and the rising developments of its main actors. Indeed, this is how the Dutch government deals with crypto: with an embrace of caution—reflected in Bybit's cooperation with SATOS.
This commitment also serves the Dutch crypto community; they even have an office in Amsterdam. This commitment to vulnerability is furthered even more so with a sense of foreboding that will forever be linked to the future integration of technology because of the mandate provided by the Digital Government Act for July 2023, in which public agencies will connect digitally with semi-public bodies.
The only thing lacking from the considerate approach of the Netherlands towards regulatory compliance for cryptocurrencies is that the DNB does not view them as legal tender. That said, service providers in this space are obligated to adhere to the Sanctions Act of 1977 and the Anti-Money Laundering and Anti-Terrorist Financing Act. This oversight has also been found to be in line with the pre-mandatory Crypto Travel Rule that complies with the sanction laws of the country.
It is not with the DNB per se but its peers which bear the massive weights in regulatory considerations, as well as forums such as the United Bitcoin Companies Netherlands and the Dutch Banking Association, which collectively trudge through the intricacies that are becoming the cryptocurrency capital markets.
While the country holds high investment activity, strategic acquisition and seed funding by the parent company of Deribit in Finst on the other hand shows attractiveness to crypto-related ventures. Key players, such as Solanium, Forkbomb BV, and Kryptomon, home to innovation with a broad array of services from blockchain technology to financial platforms, charge the air toward the headways of the Dutch crypto market.
In other words, what the Netherlands is doing here is essentially to open wide its arms and maintaining an entrepreneurial-friendly, secure, innovation-friendly, and regulatory-driven climate toward cryptocurrencies. Not only will it strengthen the appeal of the Dutch market, this development will also propel the country to a position where it can drive the narrative of global cryptocurrencies.
The cryptocurrency market in Netherlands is expected to reach US$65 million in 2028 from US$42 million in 2023, at a CAGR of 9.88%. This market surge symbolizes an open attitude by the Dutch government over the issue of cryptocurrencies and sets an atmosphere of permissiveness toward innovations. The Netherlands has been working on responsible crypto adoption by taking the regulation route that would bring transparency and avoid financial crimes, yet at the same time allow space for innovation.
