Fraudulent bitcoin investment advertisements using fake quotes from Dutch celebrities are becoming an increasingly prevalent problem in the Netherlands, the Fraud Help Desk told broadcaster NOS. People who fall for these scams are promised large profits on their "investment", but never see a cent.
Dutch consumers' enthusiasm for cryptocurrency fell sharply over the past year, the Dutch authority on financial markets AFM said in a report published on Wednesday. The authority attributes the decreased enthusiasm to large price falls in the crypto market this year, NU.nl report.
Multiple Amsterdam businesses received an email threatening them with hand grenades or shootings if they do not pay 50 thousand euros in bitcoins to the sender. The police confirmed that multiple reports of this email have been received and they are investigating, AT5 reports.
The email, which is in the possession of AT5, was sent to at least three coffeeshops and Club ABE on Amstelstraat since May this year. The writer refers to the municipality of Amsterdam's policy to close businesses after a shooting or an explosive was found there.
Digital currency services provider Spotcoin said it raised over $5 million even before its initial coin offering launched on Monday afternoon. The company, based in Tbilisi, Georgia, previously said it was considering expanding its Amsterdam, Netherlands operations after the ICO.
Expert digital currency exchange firm Spotcoin is primed and ready to launch its ICO. It’s just around the corner. That means it is now time to join the Spotcoin Whitelist. The ICO Whitelist opened on Monday October 8th at 18:00 (UTC+4), and with it, your chance to pass your KYC/AML process and be first in line to purchase SPOT on October 22nd.
By now everyone is aware of the risks involved in investing in cryptocurrencies with their wildly fluctuating prices. But the real risks may only appear should cryptocurrencies' prices start stabilizing, according to the Netherlands office for economic policy analysis CPB. In the worst case scenario, this could lead to another global financial crisis, the CPB wrote in its annual report on the risks for the financial markets, RTL Z reports.
The Dutch government and authority on financial markets AFM must come up with guidelines for ICOs if they want to keep developments in this technology in the Netherlands, Jan Robert Schutte, Amsterdam-based CEO of CryptoAcademy and ICO adviser, said at the Black Sea Blockchain Summit in Tbilisi, Georgia on Wednesday.
"As long as the AFM doesn't say anything - instead of providing guidelines for ICOs - the ICO projects will leave the Netherlands because of the lack of clarity." Schutte said.
Da Hongfei, founder of NEO - currently one of the top cryptocurrencies in the world, will be speaking at a NEO loves Amsterdam event at the DeLaMar theater in Amsterdam this weekend.
The event will host several speakers, including Da Hongfei himself. They will discuss the latest projects, developments and token sales launching on the NEO Blockchain.
A cryptocurrency farm was found in a commercial building on Kempenbaan in Rijen on Wednesday. The tenant, a 37-year-old man from Tilburg, was arrested on suspicion of theft of electricity and money laundering, BN De Stem reports.
The police decided to look into the building due to its extremely high electricity consumption. "We were actually expecting to find a cannabis farm", a spokesperson said to the newspaper. Instead, officers found dozens of computers in the warehouse, all mining cryptocurrencies.
Banning cryptocurrencies like Bitcoin is unfeasible, but the Dutch government wants to regulate the trade in cryptocurrency internationally to address the improper use of these digital coins, Minister Wopke Hoekstra of Finance wrote in a letter to parliament, NU.nl reports.
Hoekstra wants to bring cryptocurrencies into an "appropriate regulatory framework" without jeopardizing the technology's potential. He wants to make sure that the conversion of cryptocurrencies into regular money does not happen under the radar, for example.
The Public Prosecutor demanded 5 years in prison against a 38-year-old British man accused of laundering around 11.5 million euros in bitcoins between 2014 and 2016. The money likely came from the illegal trade in drugs and other prohibited goods on darkweb markets, the Public Prosecutor said on Wednesday.
Amsterdam will be the host city of a blockchain meetup event in the run-up to the BlockShow Europe conference that will be held in Berlin in May. The Amsterdam BlockShow MeetUp will be held in the The Warehouse on Generaal Vetterstraat on March 29th.
Dutch company Koinz Trading was declared bankrupt by the court of Amsterdam on Wednesday. The company, which offered customers access bitcoin mining machines and cryptocurrency investments, is facing dozens of customers demanding compensation for damages, the Telegraaf reports.
Customers never received access to the mining machines they invested in, and therefore also not the Bitcoins they could've mined, according to the newspaper. Lawyer Marco Kalmijn told the Telegraaf that around 60 customers are trying to recover "many millions" from Koinz Trading.
The websites of dozens of Dutch municipalities and various government websites in the United Kingdom and United States were infected with malware that hijacked site visitors' processing power to mine cryptocurrency Monero. Over 4,200 websites were affected worldwide, NU.nl reports.
When mining cryptocurrency, the processing power of a computer is used to validate transactions on the cryptocurrency network. Those who make their computers available for this are rewarded with crypto coins.
Laura and Jef, two people who promoted cryptocurrency platform Bitconnect in Twente, are receiving death threats since the platform collapsed, Laura said on Quote's website.
The number of Dutch investing in cryptocurrencies like Bitcoin or Ethereum more than tripled to around 580 thousand over the past six months, according to a study by Kantar TNS. "I can't remember ever seeing anything like this", researcher Reg van Steen said, RTL Nieuws reports.
In August 2017 a total of 135 thousand Dutch households owned cryptocurrency. Now it is 490 thousand. In some households, more than one person invest in cryptocurrency, bringing the researchers to a total of around 580 thousand Dutch who own cryptocurrency.
All major Dutch banks refuse to let entrepreneurs active in the cryptocurrency world open business account because of "too great compliance risks", Sprout reports after questioning ABN Amro, ING, Rabobank, Volksbank and Aegon subsidiary Knab about the matter. Only online bank Bunq allows cryptocurrency businesses to open accounts under certain conditions.
Minister Wopke Hoekstra of Financie is looking into whether banning certain cryptocurrency exchanges is desirable and possible. He hopes to give the Tweede Kamer, the lower house of Dutch parliament, information about this in the next few weeks, AD reports.
According to Hoekstra, the government would like to ban bitcoin derived products such as binary options - where people basically gamble on whether an asset like Bitcoin will rise to a specific price, or fall below a certain amount. But he added that this must first be properly investigated.
Cryptocurrencies like bitcoin have nothing to do with the "real economy" and are more like Pokemon cards than they are currency, Stephane Boujnah of Euronext stock exchange said in an interview with Bloomberg.
Euronext, the operator of trading platforms in Amsterdam, Brussels and Paris, among others, will not create a market platform for cryptocurrencies, he said.
Approximately 400 thousand Dutch own cryptocurrency, according to a study by Maurice de Hond. In total they own around 3 billion euros worth of these digital coins, the Telegraaf reports.
De Hond, of polling site Peil.nl, investigated Dutch interest in cryptocurrencies like Bitcoin and Ethereum in the run-up to the Day of the Crypto at RAI in Amsterdam on Monday and Tuesday. During these days, people interested can learn about investing in cryptocurrencies and the risks involved. Tickets can be bought here.
Late last week the police tracked down two bitcoin miners that were stolen from Eindhoven in a home in Vlijmen. A man was arrested for the possession of stolen property, the police announced in a statement on Wednesday.
A bitcoin miner is a powerful computer used to approve global transactions in the bitcoin network. Owners who use their computers for bitcoin mining, are rewarded in the form of bitcoin or other cryptocurrency.
Politicians, cryptocurrency companies and regulators appearing in parliament on Wednesday all agreed that clearer policy and regulations are needed around the developing cryptocurrency sphere.
The Dutch regulator on financial markets AFM wants to ban risky investments that are increasingly being marketed online, often from abroad.
Minister Wopke Hoekstra of Finance is looking forward to seeing what his French and German colleagues come up with in regards to cryptocurrency regulations. The French and German Finance Ministers plan to present their proposal at the G20 summit in March, RTL Z reports.
Hoekstra said that "once it is there" he will study the proposed regulations "with attention" and then "see what we will do in the Netherlands", according to the broadcaster.