According to authorities in the Netherlands, they are finding more and more crypto involved in crime.
and other cryptocurrencies related to alleged criminal activity.
The Fiscal Information and Investigation Service (FIOD), the National Criminal Investigation Department (DLR) and the Public Prosecutor’s Office (OM)
worked together in a combination of investigations intended to seize cryptocurrencies linked to criminal activity.
The authorities stated in a public announcement that they “increasingly find cryptocurrencies in forms of crimes such as drug and human trafficking, fraud and tax evasion.” This is how the notice highlights that they have seized more than €25 million in cryptocurrencies corresponding to Bitcoin and Ethereum
from dozens of suspects.
The Public Prosecution Service opined on why cryptocurrencies are being used for criminal activities
The possession and use of cryptocurrencies is authorized, but it is also common among criminals. The reason is that criminals understand cryptocurrencies as anonymous and often move around the world in a short time. For this reason, cryptocurrencies are widely used as a payment method for numerous types of crimes.
According to reports, Dutch and foreign crypto exchanges assisted the authorities with the operation after appropriate legal action was taken
The Public Prosecutor’s Office explains that these companies are “obliged to act under Dutch law,” adding that their collaboration made it possible to access “crypto wallets managed by criminals”
and recover the millions held in cryptocurrencies. The value is expected to eventually be transferred to the state treasury.
The investigation also revealed that criminals manage stablecoins such as Tether
(USDT), so as to counter the volatility of cryptocurrencies.
As some suspects are located outside the Netherlands, authorities asked their foreign counterparts to cooperate and l
You will be sent to the country immediately after being identified.
History against crypto
Notes NewsBTC that in 2013 the first seizure of Cryptocurrencies in the Netherlands occurred. Subsequently, the OM believes that investigations have gotten better, better and faster. Investigative services have learned to collect evidence through traces left by suspects of illicit activities involving crypto. This has allowed authorities to track them down and seize their assets.
According to that media outlet’s data, an estimated 700,000 Dutch people are investing in Bitcoin through Bitcoin Meesters, the largest crypto exchange in the Netherlands, but the total number of investors in the country remains unclear.
The country’s central bank has registered around 20 cryptocurrency service providers, but a spokesperson commented, “That just means the providers are not involved in criminal activities, but that’s about it as far as monitoring is concerned.”
Not convinced of its usefulness
It’s worth noting that the Dutch investors’ association (VEB) and the nation’s central bank have been against Bitcoin and are not convinced of its usefulness. The latter expressed that the bank is “We advise neither for nor against the investment but we do have an opinion”, which is not friendly.
In June, for example, we wrote that an official of that nation gave very strong opinions against crypto. Pieter Hasekamp, director of the Dutch Bureau of Economic Analysis at the Ministry of Economic Affairs and Climate Policy, published an essay titled “The Netherlands should ban Bitcoin.”in which he lists an extensive list of reasons why the Dutch government should impose an immediate total ban on the mining, trading, and holding of Bitcoin. According to the official, this could send the price plummeting because Bitcoin “has no intrinsic value and is only valuable because others can accept it.”
Minimal criminal activity
However, it is worth noting that criminal activity with cryptocurrencies is a minimal percentage. A Chainalysis 2021 report revealed that in 2019 the volume of illicit cryptoactivity accounted for a small 2.1% of all transactions, and in 2020 that volume fell by 0.34%, but their expectation for 2021 was that the “cybercriminal use of DeFi for money laundering would increase.”
Version by DiarioBitcoin
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