Members of the European Union are about to convert the AMLD5 into law.  AMLD5 stands for the fifth anti-money laundering directive, and while this is definitely a welcome move, some members are overdoing it to the point that cryptocurrencies would get hit tremendously. One of the members in the Netherlands, whose ministry of finance has come forth with outlandish and abnormal amendments for the Bitcoin companies prevailing in the country.
<h2>Small Firms Battling it Out Against the AMLD5</h2>
Advocates and small businesses are totally against this idea on the grounds that this could lead to the complete extinction of cryptocurrency in the country. These two are rallying the cause of cryptocurrency in the country as they believe innovations in the crypto space would stagnate if this move comes through.

The effects have already been witnessed as the Dutch Mining outfit, Simplecoin decided to draw curtains in January by virtue of the new KYC process which was overly rigid.

A crypto exchange called Deribit <a href="https://insights.deribit.com/exchange-updates/a-message-from-deribit-team-about-the-upcoming-kyc-and-our-move-to-panama/" target="_blank" rel="noopener">decided </a>to move away from the country stating that the framework in place should be to enhance transparency but not to the point that the privacy of the crypto holders is completely compromised.

Founder of Bitkassa, a company that helps in the exchange of bitcoin and fiat said that if the new regulations come in place crypto companies would have to pay a substantial amount to stay in compliance stating that the new amount would be way higher than the cost that traditional trust and credit card companies pay right now.  It is likely that not only Bitsikka but many more crypto companies would also fade into oblivion if the Dutch Finance Ministry doesn't revisit the measures.

These new regulations couldn't have come at s worse time as the crypto space along with the traditional economies are trying to fight their way out of the corona crisis which has already impacted blockchain and the crypto space tremendously.

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The Netherlands Implementation of the AMLD5 is Outrageous

Dutch Minsitry of Finance extreme implementation of the AMLD5 could lead to a collapse of many cryptocurrency companies in the country.

Zain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.

The Netherlands Implementation of the AMLD5 is Outrageous

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