In a major operation, the Dutch Public Prosecution Service, in collaboration with other departments, seized cryptocurrency worth at least 25 million Euros. The Public Prosecution Service broke the news itself, saying that the operation had been successful only because the national bodies worked together. On top of that, the Public Prosecution Service needed cooperation from various international agencies and bodies in order to successfully carry out the mission. In their statement, they mentioned that cryptocurrency is widely used in the Netherlands for various illegal activities. The public prosecutors added that dealing with cryptocurrency criminals is more complicated than dealing with other criminals. It is mainly because the identities of these people remain hidden effectively. Apart from that, many of these criminals have a foreign base where Dutch authorities cannot exercise control.
The problem of cryptocurrency and crime is long and unresolved. News of such operations makes headlines every week. From London to Kazakhstan to South Africa, cryptocurrency is used for financial crimes extensively. Part of the reason is the anonymity of crypto users. It is truer in the case of anonymity-focused cryptocurrencies, like Monero. The lack of international regulations makes it difficult to prosecute these criminals even when they are caught.
How the Dutch authorities wrap this investigation will indicate the country’s approach towards cryptocurrency. While a complete ban may not be the most viable option, it can impose heavy regulations. If these regulations are well-planned and created by experts, they can indeed do more good than harm.