Netherlands Plans to Bring Harsher Penalties for Crypto Scammers

The Netherlands intends to bring harsher penalties for scams that involve banking apps and digital currencies.

Proposed new legislation from the nation’s Ministry of Justice and Security is designed to adjust penalties for fraud using these more current payment methods with those for crimes relating to more conventional payments like credit cards.

Card crime as of now has a maximum six-year jail term, while at present the penalty is from one-to-four years for apps and cryptocurrency, NL Times gives an account on December 11.

Beside digital currency and payment apps, the report additionally lists bill-sharing applications like Tikkie as being subject to the intended bill, presently being taken care of by Justice Minister Ferdinand Grapperhaus. The enactment builds on the EU’s anti-money laundering mandate, as indicated by another report from NOS.

Grapperhaus purportedly stated that fraud by means of these more up to date payment strategies are progressively becoming ordinary and can target enormous quantities of individuals. The minister indicated he anticipated getting harsher penalties would go about as an impediment.

The new sentencing system will likewise apply to violations like falsifying payment information, selling or owning falsified information, phishing schemes, and credit card forgery, NL Times said.