New EU rules threaten the future of Dutch gift cards
Familiar Dutch gift cards, such as the Boekenbon, are facing an uncertain future. New European regulations intended to combat money laundering and fraud threaten to seriously hinder the operation of these popular gifts.
The European Union is working on stricter laws for electronic money and payment instruments. The goal of these rules is to tackle criminal activities in the financial sector. However, due to their digital nature, gift cards also fall under these new definitions, meaning they must comply with much stricter requirements than before.
For the issuers of these cards, this represents a major challenge. The administrative burdens and the costs of meeting the new security requirements are very high for many organizations. Experts warn that the survival of various Dutch gift vouchers is at risk as a result.
The sector is in talks with policymakers to find a solution. There is hope that an exception or a lighter regulation will be introduced for gift cards with a limited value. In this way, consumers would be able to continue giving gift cards safely and easily in the future.