Laura van Geest, chairman of the Netherlands Authority for the Financial Markets (AFM), said in a statement that the Netherlands will take a tough line to enforce new EU encryption rules, even if some providers move elsewhere. Laura van Geest said that cryptocurrencies are not good news, they are elusive and vulnerable to deception, fraud and manipulation. Value is primarily based on speculation and usually has no underlying value. She also said that the EU's market regulation for encrypted assets (MiCA) can only partially address its risks. "Given the past history, we see no reason to relax enforcement." Start a business within the EU bloc in approximately 18 months. Laura van Geest said she would prefer more consistent oversight by EU-level institutions, but would not lower standards to attract business.