A European country in the Balkan region could start to regulate the crypto environment on its territory. A bill is being drafted in Bosnia and Herzegovina that would establish a regulatory framework for cryptocurrencies for the first time in the country’s history.
Bill aims to ‘attract entrepreneurs’ to the country
According to Klix, the Union for a Better Future (SBB) of Bosnia and Herzegovina (BiH), a Bosnian political party, is set to draft a cryptography bill after forming a group to research “technological progress, economic and market modernization â.
The plan includes the development of digital assets and therefore crypto related rules are needed to make it possible. The report says Vedad MeÅ¡anoviÄ, a local financial expert, will lead the drafting of the bill.
MeÅ¡anoviÄ – who was recently included in the Forbes list of the 30 most influential people under 30 – stressed the need to regulate the virtual currency sphere in Bosnia and Herzegovina, as state laws “do not follow the development of the cryptocurrency market “at all levels. He added:
My job will be to prepare a bill, to work out the details so that we can best bring here a lot of companies and entrepreneurs who would pay taxes here, that is to say create a good environment. With this project, CFF’s job will be to use its strength to propose this law and vote.
Croatia and Serbia used as benchmark for crypto bill
According to the report, the bill will also examine some regulations adopted in Serbia and Croatia. Of particular interest are those that regulate cryptocurrency miners and traders, who are required to pay capital gains taxes, plus a city-specific surtax.
There is no timeline on when the bill will be discussed and the question is whether state parliamentarians will be ready to take a step forward in regulating the crypto industry, the crypto industry said. financial expert. Further, the Federation of Bosnia and Herzegovina Banking Agency, a state agency responsible for national banking regulation, said:
The use and operation of cryptocurrencies is not regulated by the legislation in force in the Federation of Bosnia and Herzegovina. The issue of the use of digital currency and cryptocurrencies is a particular challenge in other regulated financial systems, except in cases where central banks issue cryptocurrencies.
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