Cryptocurrencies and blockchain technology have entered in 2018 knowing that it was going to be the year of regulations. The most important countries are trying to regulate the market and this will be the most important topic in the G-20 meeting. But self-regulations are also arising in the industry. Croatia has a new self-regulating body that is known as UBIK.
UBIK Regulates Cryptos and Blockchain
Croatia does not have a relevant influence in the cryptocurrency market or in the blockchain industry. But clearly, there is an intention of trying to be part of it. With this new self-regulating blockchain and cryptocurrency organization, the main goal is to spread knowledge about these new technologies and how they can influence Croatians daily lives.
At the moment, Croatia does not have any specific regulation regarding the cryptocurrency market. This new organization would allow the market to have a more regulated environment were to spread.
On February the 13th, the agency has been registered with the government and on February the 17th, four days later, the agency started its operations. As of today, over 70 members have already joined UBIK, showing the increased interest in cryptocurrencies and blockchain technology.
The creators of this organization had a meeting with officials from the Central Office of Tax Administration. At the meeting different topics were discussed. Taxation and regulations were the main interests of both the agency and the tax office. Apparently, the intention is to tax capital gains, but further information has not been released. Another important topic touched by UBIK was regulations over Initial Coin Offerings (ICOs), but it is unclear how they are planning to do it.
At the moment, the Croatian government has not taken any stance towards cryptocurrencies or blockchain technology. But it will be important to do it as soon as possible. Countries are starting to clarify their positions on the matter. Some of them are building barriers for crypto investments to spread, while others are lowering taxes and creating a friendly framework for blockchain enterprises to settle in their countries.
Slovenia Opens Doors to Blockchain
Croatia’s neighbouring country, Slovenia, is becoming an increasing attractive country for cryptocurrency and blockchain enterprises and start-ups. The “Silicon Valley of Europe” is trying to become a hub for crypto start-ups in Europe.
The prime Minister Miro Cerar, and other important members of the government, attended a meeting with blockchain start-ups on February 14.
About this meeting, Slovenia’s Prime Minister Commented:
“The government is aware of Slovenia’s involvement in the global flows, and with our vision of modernization and digitalization promotion in all areas, we are bringing to the fore the introduction of new technologies. We thus recognize blockchain technology as an exceptional opportunity: in this respect, Slovenia is at the forefront and one of the most recognized blockchain destinations in Europe.”
This is a great opportunity for Start-ups to have access to the Prime Minister and arrange together public policies towards cryptocurrencies and blockchain technology. The meeting finished with the presentation of the Blockchain Alliance CEE. In this way, these companies will have a greater presence in the crypto market.