Croatia Forms Self-Regulatory Body on Cryptocurrency and Blockchain Use

Feb 19, 2018 at 2:34

As the use of virtual currencies continue to surge worldwide, Croatia has launched its Blockchain and Cryptocurrency Association (UBIK), a self-regulatory organization aiming to educate the public as well as develop crypto regulations in the country.

The governing board of the group which officially began working last week has already met with the Central Office of Tax Administration in Croatia to discuss issues covering the taxation of crypto as a capital gain, regulations of initial coin offerings (ICO) and the business of crypto mining companies.

UBIK’s founding members are made up of a variety of Croatian Blockchain enthusiasts, including Blockchain developers, lawyers specializing in Blockchain and authors of Blockchain-related books.

The group also announced that as of February 17, it has 70 members.

Croatian newspaper Poslovni Dnevnik, said that Nikola Škorić, one of the organizers of UBIK and founder of cryptocurrency brokerage service Electrocoin, is hoping to create a nurturing environment for more Blockchain startups to base themselves out of Croatia.

The newspaper said that Škorić wants the next 20 Croatian ICOs to be based locally, citing that Blockchain-based companies that the Zagreb Stock Exchange has a stake in needed to use legal entities in Estonia due to a lack of clear crypto legislature in Croatia.

“We want your startups to be registered as Croatian companies and that the capital collected comes directly to Croatia, to expand the database of experts who can work on this technology, to create a pool of knowledge and competence, […] reinforcing the industries that work on the Blockchain,” Škorić further expressed on Poslovni Dnevnik’s interview.

The broadsheet also mentioned that out of the 4 million population of Croatia, over 25,000 people have already invested in cryptocurrency.

Earlier this week, seven large cryptocurrency companies in the United Kingdom partnered to form CryptoUK, also a self-regulatory body aimed to work on issues like preventing Bitcoin and cryptocurrencies from being used in money laundering and other illegal activities, but will not deal with ICO regulations.

In Japan, there are rumors that a formation of a similar self-regulatory will also happen with the Japan Blockchain Association and the Japan Cryptocurrency Business Association reportedly joining together this spring to act as a single body regarding regulations of crypto.