Bosnia and Herzegovina, a European country in the Balkan region, could start to regulate the crypto environment on its territory. The country is preparing to draft a bill that would help establish a regulatory framework for cryptocurrencies in its territories.
Bill is part of a modernization movement
The Union for a Better Future (SBB) of Bosnia and Herzegovina, a Bosnian political party, is considering drafting a crypto bill after forming a committee to study “technological, fiscal and market modernization.”
The strategy calls for the growth of digital assets, which requires the passage of crypto-related laws. According to Klix, the bill will be drafted by Vedad Meanovi, a local financial expert.
Meanovi, who was recently named to the Forbes list of the 30 most powerful people in the world under 30, stressed the importance of regulating the digital currency industry in Bosnia and Herzegovina, citing that the laws of the States “are not keeping up with the growth of the cryptocurrency industry” at all levels. He said:
“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. “
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There is no time limit for the adoption of the bill
According to Klix’s report, the bill will also take into account certain Serbian and Croatian regulations. Of particular interest are those who control crypto miners and traders, who are supposed to pay capital gains taxes as well as a city-specific surtax.
According to the financial expert, there is no time limit for debate on the bill and the question is whether state lawmakers will be ready to move forward to control the crypto industry. In addition, the Banking Department of the Federation of Bosnia and Herzegovina, which is 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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There are currently no regulations regarding the use of cryptocurrencies in Bosnia and Herzegovina prior to this.
The Central Bank of Bosnia and Herzegovina has stated that the convertible mark (the currency of Bosnia and Herzegovina) is the only legal means of payment in the country and that it does not allow the exchange of bitcoins or other crypto- currencies against convertible brands. At the same time, the bank said there are no plans to limit or prevent the buying and trading of virtual currencies. The new law in the bill is expected to provide a framework for the country’s crypto space.
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