Is the Netherlands actively engaged in crypto currency?

Throughout history, Europe has been part of various industrial revolutions around the world.

Throughout history, Europe has been part of various industrial revolutions around the world. Europeans have invented some of the most important innovations in history, which has led to the entire world looking to them as innovators. 

Through Albert Einstein and other inventors, the world witnessed the power of creativity and innovation, such as the creation of automobiles and combustion engines as well as great mathematical formulas, among which the blockchain was eventually developed.

Within the European community, there are countries which have a high level of technology, where blockchain technology and cryptocurrency have settled. The people of the Netherlands can be said to have a very high rate of innovation and thus the implementation and total awareness of blockchain technology and crypto currencies.

The use of blockchain in the Netherlands is an emerging market in many sectors, both public and private, including financial technology, trade finance, self-sovereign identity, energy, entertainment, cryptocurrency, real estate, healthcare, logistics, pensions and the arts. In fact, the Netherlands is a global front-runner in the application of blockchains in many industries, supported by a tradition of public-private partnerships, technology-neutral legislation and high-quality digital infrastructure.

The use of tokens and virtual assets is facilitated in the Netherlands by public-private initiatives such as the Dutch Blockchain Coalition and the 2Tokens foundation. These initiatives empower organizations to use tokenization in their day-to-day operations.

There are many initiatives around tokenizing assets, which increases the need to enable trading of tokenized assets as this has brought a new paradigm of trading crypto currency, there is currently no legislation in place that specifically regulates blockchain technologies; regulation depends instead on the design, nature and targeted sector of its application. The same can be said for regulators that might be relevant to blockchain technology and its applications. However, in general, the most prominent regulators on this subject are the Data Protection Authority, the Netherlands Authority for Consumers and Markets.

The Dutch government and the Dutch financial regulators (DNB and the AFM) maintain a positive attitude towards blockchain technology and its applications. The Dutch government has allocated a budget to further research blockchain technology.

Furthermore, the Digitalization Strategy adopted by the Dutch Government in June 2018, encourages the development of new applications using blockchain technology. For this purpose, the Dutch government is participating in public-private partnerships and has founded (jointly with market parties) the Dutch Blockchain Coalition. 

However, there are currently no regulations that specifically prohibit the use or trading of cryptocurrencies in the Netherlands as long as it does not fall within the definition of any of the financial products or financial activities or services regulated by the Dutch Financial Markets Supervision Act (FMSA). Offering such products or providing such services is prohibited without having first obtained relevant authorization. 

With such support and awareness from the government, the people of Netherlands are encouraged to engage in crypto related activities and this has also put them in the front burner of countries who have a large involvement in crypto currency related activities.

We at Klever are proud to be associated with the people of the Netherlands and would be glad to offer our educational contents to engage more people and eventually on board new members onto the Klever platform.

We are also grateful to our Netherlands community who have also helped in a large measure to spread our contents and transcribe our articles and educational materials in Dutch language.

As a matter of fact one of our value statements ensures that we keep a global community involved with our products and services especially in a Klever way. 

It is indeed a Klever thing to do.

James Enajite
Klever Writer

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