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Netherlands to put crypto scammers in jail for up to 6 years

By Yana Berman

The Dutch government is introducing harsh penalties on scams that target banking apps and cryptocurrencies

The Dutch Ministry of Justice and Security has proposed stricter penalties for scams that affect newer payment methods, such as apps and crypto transactions, the NL Times reports.

The government is aiming to align the crimes related to traditional payment methods, such as credit cards, with those affecting the new ones. Therefore the jail term for stealing crypto could rise up to six years from the previous maximum of four years.

The new bill, introduced by Justice Minister Ferdinand Grapperhaus, also mentions bill-sharing apps that became a frequent target for scammers.

According to another report by Dutch public broadcaster NOS, the legislation will be built in accordance with on the EU anti-money laundering directive.

A report prepared by CipherTrace states that since January 2019 more than $4bn in total was stolen from crypto exchanges and regular crypto investors' accounts.

As crypto scams evolve, governments across the globe seek to punish fraudsters and hackers with prison sentences.

For instance, Israel is now proceeding with criminal allegations against the Gigi brothers, who stole around $100m in crypto from visitors of crypto trading forums, including Reddit.

Meanwhile, the police units in UK and Netherlands are collaborating in the criminal investigation of a $27m scam that affected over 4,000 victims in 12 different countries.

FURTHER READING: Where is the cryptocurrency industry heading in 2020?

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FURTHER READING: China excludes crypto mining from its elimination list

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