Dutch Crypto Firms Secure Partial Legal Victory Against Regulatory Fees
Crypto firms in the Netherlands, including Bitvavo and Coinmerce, have achieved a partial victory in their legal battle against fees totaling $2.3 million imposed by Dutch regulators. They argued that these fees were excessive and discriminatory.
On Wednesday, October 4, a Rotterdam court has ruled that the Dutch Central Bank (DNB) exceeded its legal authority by charging crypto companies for registration related to anti-money laundering requirements. The court found that these fees violated European Union law.
The court ruled that the DNB violated EU anti-money laundering laws by assessing registration requests in a manner that was deemed unlawful for charging supervisory costs in 2021. However, the court clarified that while the fee for 2021 was considered unlawful, these companies should still be subject to general governance norms and supervision.
It's worth noting that this ruling only pertains to the fees for 2021. A separate case is ongoing for fees related to 2022, and the crypto companies will still be required to pay a portion of the costs of supervision.
The court found that the DNB had not provided sufficient justification for the fees it imposed on crypto companies and that these fees were overly burdensome for the companies. The crypto firms have expressed their willingness to pay their fair share of supervision costs but argued that the DNB's bill was excessive and could hamper the growth of the Dutch crypto industry.
The United Bitcoin Companies of the Netherlands (VBNL), which coordinated the complaint against the DNB, welcomed the court's decision, emphasizing that the costs should not have been imposed as they were outside the DNB's mandate.
Patrick van der Meijde, the president of the United Bitcoin
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