The Netherlands will take a tough line enforcing new European Union crypto rules even if it means business goes elsewhere, the head of the Dutch Authority for Financial Markets (AFM) has said in an article published Friday.

AFM Chair Laura van Geest said cryptocurrency wasn’t good news, linking it to fraud, manipulation and speculation, and said the EU’s Markets in Crypto Assets regulation (MiCA) will only partly address its risks.

“Given the previous history, we see no reason to be lenient in enforcement” when it comes to applying the MiCA rules, which will require wallet providers and exchanges to seek licenses which will let them operate across the EU bloc in around 18 months’ time.