Fox Crypto sold: Dutch cybersecurity in Swedish hands
Invest-NL has acquired a golden share in the company. This step ensures that Dutch digital autonomy is maintained.
Published on April 12, 2025
Fox Crypto, a major player in cryptographic technology for the Dutch government, has been sold to the Swedish CR Group. Invest-NL has taken a priority share in a strategic move to safeguard national interests. This step ensures that Dutch digital autonomy is maintained, crucial in a world where cybersecurity is becoming increasingly important. It is intriguing that, despite foreign ownership, the Netherlands retains control over essential technology. This is substantiated by the VIFO law, which requires a security test for companies in strategic sectors. While the Minister of Defense emphasizes that this transaction was necessary for national security, it also illustrates the central role of the Netherlands in technological innovation. How this balance between autonomy and foreign influence develops will remain a topic of great importance for the future.
Strategic move: Invest-NL as priority shareholder
After the acquisition of Fox Crypto by the Swedish CR Group, the Dutch government immediately took action to protect its strategic interests. At the request of the Ministry of Defense, Invest-NL has acquired a priority share in the company. This share acts as a protective mechanism to ensure that Dutch technology and innovation in the field of cryptography remain safeguarded. In a letter to the Lower House, Minister Ruben Brekelmans emphasizes the importance of this by stating that national security and sovereignty must be paramount in times of increasing geopolitical tension. This step was taken per Article 4.1.e of the Invest-NL Authorization Act, which indicates that a shareholding is justified in economically essential cases.
Brekelmans: “In the current geopolitical context, it is important that we maintain and, where possible, strengthen our strategic capacities. Strong Dutch capacities are essential for digital strategic autonomy in high-assurance technology. I therefore see these as important steps in safeguarding national security interests.”
“By taking a priority share in the company, together with several other measures and agreements, we ensure that the Netherlands remains at the forefront of cryptography,” says Rinke Zonneveld on behalf of InvestNL.
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National crypto strategy and VIFO Act
The sale of Fox Crypto took place within the framework of the National Crypto Strategy (NCS), which was drawn up to strengthen the digital autonomy of the Netherlands. The Security Assessment of Investments, Mergers and Acquisitions Act (Wet VIFO) plays a crucial role in this. This act, which will come into force in 2023, requires strategic acquisitions to be assessed for national security risks. Specifically, the VIFO Act focuses on technologies such as high assurance products, which are critical for digital resilience. This ensures that the sale of Fox Crypto to the Swedish CR Group has been extensively reviewed to ensure that the technology developed to protect state secrets does not fall into the wrong hands.
To further strengthen the scope of the VIFO Act, the Dutch government is considering expanding the scope of the law. New technologies such as biotechnology, artificial intelligence and nanotechnology will also be included in the list of sectors covered by the VIFO safety test. This is inspired by the desire to protect Dutch society and the economy from undesirable foreign influences and practices, such as cyber operations and industrial espionage, which have been on the rise in recent years. Minister Beljaarts of Economic Affairs emphasizes that these reforms are crucial for maintaining a resilient and technologically advanced Dutch economy.
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