Stay up to date with the latest news from the Netherlands! Enjoy reading!
Crypto service providers can apply for a permit from the AFM (AFM)
Starting from April 22, 2024, providers of crypto asset services (CASPs) can apply for a license or notification with the Netherlands Authority for the Financial Markets (AFM). Upon approval, the permit or notification can be utilized starting December 30, 2024. The Markets in Crypto-Assets Regulation (MiCAR) will become effective on the same date, allowing licensed CASPs to offer services across the European market. AFM serves as the primary supervisor for these services within the Netherlands, mandating that CASP permits are necessary for offering crypto asset services within the EU. A transition period exists for CASPs already active under the national regime before December 30, 2024, requiring them to obtain a MiCAR permit or notification by June 30, 2025, to continue offering services. AFM offers a CASP pre-scan procedure to streamline the permit application process and foster mutual understanding of crucial topics. For inquiries regarding supervision of crypto products and services, contact AFM at crypto@afm.nl or subscribe to their newsletter for periodic updates. Read more
Update of the track of VNO-NCW and MKB-Nederland (VNO-NCW)
VNO-NCW and MKB-Nederland have updated their course towards 2030, titled ‘Towards a Stronger NL: An Agenda for Renewed Confidence in the Future and a Resilient Netherlands.’ The update emphasizes increased attention to security and economic resilience in light of growing threats, both online and physical. It reflects on progress made since its initial presentation in 2021, which focused on three central pillars: a productive, inclusive, and sustainable Netherlands. The update highlights ongoing efforts to address major societal challenges and implement policy changes, such as labor market reforms and climate goals. Moving forward, the focus is on accelerating economic growth, implementing labor market reforms, and ensuring sustainability through climate plans and circular production chains. Additionally, enhancing cybersecurity and meeting NATO standards for defense expenditure are prioritized for a safe and economically resilient Netherlands. The business organizations stress the importance of their involvement in finding solutions to the country’s challenges, given the government’s current limitations. They invite further exploration of their plans and achievements in the updated course. Read more
Young Amsterdam AI company is angling for €1 million from Google and tech veterans (FD)
Amsterdam-based start-up Verify, founded less than four months ago, has secured €1 million in funding from notable backers including Google and tech entrepreneurs Chris Hall and Niels Bouwman. Bouwman, the founder of Lytho, will assume the role of CEO, while Hall, founder of Bynder, will join the supervisory board. Verify specializes in technology for authenticating digital files using AI to embed invisible, digital fingerprints, granting creators and companies greater control over their images. Hall emphasized the importance of such technology in preventing unauthorized use of images, citing potential financial and reputational risks. Verify’s founder, Hugo Smits, brings experience from the gaming industry and will continue in a technical leadership role. The company, currently employing ten individuals, aims to expand its team with a focus on European growth, while also partnering with Bynder and Lytho for expansion into the U.S. Read more
The Consumers’ Association is suing Albert Heijn for errors on receipts (AD)
The Consumers’ Association has issued a summons to Albert Heijn due to recurring errors on receipts, demanding internal investigations and compensation for affected consumers. Complaints about incorrect prices at checkout have persisted for years, with Albert Heijn reportedly making more mistakes than competitors Plus and Jumbo. Examples include discrepancies between advertised and charged prices, as well as delays in removing temporary offers. The association asserts that while individual errors may seem minor, they accumulate to significant additional revenue for the supermarket chain. The summons focuses on transparency rather than financial compensation, as Albert Heijn has allegedly withheld research findings on the issue. In response, Albert Heijn emphasizes ongoing efforts to ensure accurate pricing and electronic shelf labels. Other supermarkets are also under scrutiny, with the Consumers’ Association urging compensation for past errors. Despite requests, no agreement has been reached with any supermarket regarding compensation proposals. Read more
Majority of households are in better financial position (Nibud)
The Nibud report “Money Matters in Practice 2024” reveals positive trends in the financial situation of Dutch households, with an increasing percentage able to easily make ends meet. Director Arjan Vliegenthart acknowledges these improvements but also highlights persistent challenges, particularly for vulnerable groups such as renters, low-income households, and young adults. Despite government support measures, these groups still experience financial insecurity and struggle to cover daily expenses. Uncertainty about entitlements to allowances exacerbates their situation, emphasizing the need for clearer information and income protection. Additionally, the energy transition poses further challenges, particularly for financially vulnerable households, with many unable to afford sustainability measures. Vliegenthart stresses the importance of an inclusive transition and enhancing financial resilience, as many households still lack sufficient savings to cope with setbacks. While progress has been made, addressing these ongoing issues remains a critical task. Read more
Rabobank dismantles cooperative in major reorganization plan (FD)
Rabobank is undergoing a significant restructuring, aimed at centralizing control at the head office and reducing the influence of local banks and representatives. The proposed changes, outlined in CEO Stefaan Decraene’s reorganization plan, are set to be voted on by the Members’ Council, the bank’s highest body. If approved, the plan would streamline operations, but at the cost of decentralization and local decision-making power. Under the new structure, regional directors would report directly to the board of directors, replacing the current fourteen regional circles. Local member councils and supervisory boards would also relinquish many of their responsibilities, signaling a shift away from the cooperative ideals Rabobank has traditionally espoused. While the bank insists the changes will strengthen its cooperative nature, critics warn of the erosion of its cooperative character and the potential challenges of reverting to a more decentralized model in the future. Despite differing perspectives, the proposed restructuring underscores Rabobank’s evolving approach to governance and organizational structure. Read more
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