> Funny! Dutch coinbase users are now on the hook for American regulations
A country losing its sovereignty ... not entirely sure I'd tuck that in the "Funny" drawer.
A country losing its sovereignty ... not entirely sure I'd tuck that in the "Funny" drawer.
And truth be told: NL banks were making a serious mess of their KYC processes.
Co-dependent isn't synonymous with subservient.
To convince yourself of that fact, try to find an instance of a situation where the NL forced the US to comply to an NL-originated rule and was successful.
As for the 'subservient': international finance is a complex and extremely delicate subject, what triggered all this oversight was that Europe had become the laundromat of the world, and things were really getting out of hand.
For instance:
https://www.wsj.com/articles/once-a-money-laundering-risk-la...
Similar stories about dutch (large) banks:
https://www.om.nl/actueel/nieuws/2021/04/19/abn-amro-betaalt...
This isn't a theoretical risk, no matter where the rule originated. Financial law - like copyright law - is international and the countries that collaborate a lot on this sort of thing because they trade a lot between them would gain an immediate advantage if the rest would play by the same ruleset and one would purposefully break those rules.
The deal is that we won't do that. AML and ATF rules exist for a reason and even if the US originated the rules they are in the end quite effective and serve a real purpose, in Europe as well.
Finally, the only penalty that US has that it can give is to revoke these banks' ability to do business in USD, and that card can be played exactly once so it's in the end in the banks own interest to play ball.
You are mixing NL and EU and probably are not aware that the ECB has decided to enforce a similar regime voluntarily long before individual banks ended up crossing the lines for profit. Of course even though the ECB is not in the pocket of the Americans it is clear that pressure has been brought to bear, but in this particular case it was beneficial, the EU was awash with criminal money seeking all kinds of ways into the respectable world.
European countries routinely force American firms to do things [1]. Coinbase asking a Dutch user to follow American law isn’t dissimilar from an American having to follow Dutch law when using a Dutch service. No governments are forcing other governments to do anything in this case.
[1] https://corpgov.law.harvard.edu/2012/02/18/dutch-court-decis...
Anyway these regulations only apply if you want to deal with a US-based company. If you want to deal with a US company, you have to abide by their rules. I don't believe that's excessive.
There is no such thing these days, if there ever was any. Nation states are inherently unstable and dependent on other nation states for their survival. It doesn't matter how big you are. For example, Russia has no modern oil and gas technology of their own and China has no modern vaccines. Both are causing giant respective headaches. So much for that "sovereignty"
We’re really aiming for Greenland so this is a great step by getting the kingdom’s banks to be subservient