Dutch ministers have strongly requested the government to come up with proper regulations for cryptocurrencies, along with a few cash payment options, over money laundering incidents.

As stated in an official statement on July 1, the ministers believed that, any cash payments exceeding the 3000 euros limit should be prohibited. The officials also urge the government to issue regulatory guidance for cryptocurrencies, along with banning 500 euro banknotes, since criminals can utilize these instruments for their money laundering acts.

Cryptocurrencies are not classified as a legal currency in the Netherlands, despite the fact that in 2018, a Dutch court has recognized Bitcoin (BTC) as a legitimate “transferable value”, in a lawsuit.

 Wopke Hoekstra – Dutch Minister of Finance – along with Ferdinand Grapperhaus – Minister of Justice – has moved the “approach to money laundering” proposal to the parliament for further consideration on July 1.

The draft also requested the government to grant more enforcement power to financial regulators, authorities and watchdogs, nominally the Financial Intelligence Unit, the Dutch police force, the Fiscal Information and Investigation Service and the Public Prosecution Service.

Should the new bill approved, banks will reportedly have the governmental support to reveal the data of suspicious customers. The Netherlands will also be an advocator a European Union regulator, specifically devoted to combating cross-border money laundering activities.

“Crime cannot pay. Not in the Netherlands, not in Europe and not worldwide. Through a joint effort, we want to take the approach to money laundering to a higher level.” Grapperhaus claimed.

On May 22, as The Crypto Sight reported, a major cryptocurrency tumbler was shut down by Europol, Dutch and Luxembourg governments due to its money laundering and illegal financing charges.