Regulation makers within the Netherlands might be growing the utmost jail sentence for these committing fee fraud with cryptocurrency and cash switch apps.

Presently, fraudsters that commit fee fraud with banking and cash switch apps — equivalent to Tikkie — face between one and 4 years in jail. However new laws, in a invoice from Minister Grapperhaus, would see the utmost sentence elevated to 6 years, NOS reports.

The report additionally says that cryptocurrency fraud would fall beneath the brand new laws.

The utmost sentence for falsifying fee information, proudly owning or promoting falsified information, forging bank card particulars, and phishing would additionally enhance from 4 to 6 years, NL Times reports.

The brand new guidelines search to convey the punishment for fee fraud dedicated utilizing fashionable fee apps and cryptocurrency consistent with sentences for bank card fraud.

It’s not instantly clear what constitutes “cryptocurrency fraud.” However given the character of fee apps this regulation targets, it will seem that “cryptocurrency fraud” consists of types of fraud the place digital cash are used rather than fiat funds.

Within the Netherlands, Tikkie is a popular app supported by quite a few banks that lets customers ship fee requests over e-mail, SMS, and WhatsApp.

It appears the brand new legal guidelines are available in response to a reported increase in the number of scams that use apps like Tikkie to demand fee from victims.

It’s not the primary time the Netherlands has sought to replace laws to increase to cryptocurrency.

Again in July, Dutch ministers pushed for extra cryptocurrency laws in an try to sort out cash laundering within the nation.

Printed December 11, 2019 — 14:09 UTC

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