Bosnia and Herzegovina, a European country in the Balkans region could start regulating the crypto environment within its territory. The country is preparing to draft a bill that would help establish a regulatory framework for cryptocurrencies within its territories.
Bill Is Part Of A Modernization Move
Bosnia and Herzegovina’s Union for a Better Future (SBB), a Bosniak political party, is planning to draft a crypto bill after forming a committee to study “technological, fiscal, and market modernization.”
The strategy calls for the growth of digital assets, which necessitates the adoption 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 Forbes’ list of the world’s 30 most powerful people under the age of 30, emphasized the importance of regulating the digital currency sector in Bosnia and Herzegovina, citing the fact that state laws “do not follow the growth of the cryptocurrency industry” across the board. He said:
“My job will be to prepare a draft of this law, to work out the details so that we can best bring a large number of companies and entrepreneurs here who would pay taxes here, that is, to create a good environment. With this draft, SBB’s job will be to use its strength to propose that law and to vote.”
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There Is No Timeframe As To When Bill Will Be Passed
According to the report by Klix, the draft bill will also take into account certain Serbian and Croatian regulations. Those that control crypto miners and traders, who are expected to pay capital gains taxes as well as a city-specific surtax, are of particular interest.
According to the financial expert, there is no timeframe for when the bill will be debated, and the question is whether state legislators will be willing to take a move forward to control the crypto industry. Furthermore, the Federation of Bosnia and Herzegovina’s Banking Department, which is in charge of domestic bank regulations, stated:
“The use and operation of cryptocurrencies are not regulated by the current legislation in the Federation of BiH. The issue of the use of digital money and cryptocurrencies is a special challenge in other regulated financial systems, except in cases where central banks issue cryptocurrencies.”
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There is currently no regulation with respect to the use of cryptocurrencies in Bosnia and Herezegovina before this.
The Central Bank of Bosnia and Herzegovina has instructed 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 for the exchange of bitcoins or other cryptocurrencies for convertible marks. At the same time, the Bank stated that there were no plans to limit or prevent the purchase of and trading in virtual currencies. The new law from the bill is expected to bring framework to the country’s crypto space.
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