Bosnia and Herzegovina is preparing a bill to regulate cryptocurrencies

A European country in the Balkan region could start regulating the crypto environment within its territory. In Bosnia and Herzegovina, it has started the process of drafting a bill that will establish a regulatory framework for cryptocurrencies for the first time in the country's history.

The aim is 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 ready to draft a cryptographic bill, after forming a group to research "technological, economic and modernization progress. of the market ".

The plan includes the development of digital assets, and therefore, cryptography-related rules are needed to make this possible. The report says Vedad Mešanović, a local financial expert, will lead the drafting of the bill.

Mešanović - who was recently included in Forbes' list of the 30 most influential people under 30 - stressed the need to regulate the sphere of virtual currency in Bosnia and Herzegovina, as state laws "do not follow the development of the cryptocurrency market. ”Across the board. Furthermore, he added:

“My job will be to prepare a draft of this law, work out the details so that we can bring a large number of companies and entrepreneurs here, who would pay taxes here, to create a healthy environment. With this draft, SBB's task will be to use its strength to propose that law and vote ”.

Croatia and Serbia used as a reference for the cryptographic bill

According to the report, the bill will also take into consideration some regulations enacted in Serbia and Croatia. Of particular interest are those that regulate cryptocurrency miners and traders, who are required to pay capital gains taxes, as well as a city-specific surcharge.

There is no timeline for when the bill will be discussed and the question is whether state lawmakers will be ready to take a step forward to regulate the cryptocurrency industry, the financial expert said. In addition, the Banking Agency of the Federation of Bosnia and Herzegovina, a state agency responsible for national banking regulations, said:

“The use and functioning of cryptocurrencies are not regulated by the legislation in force in the Federation of BiH. The issue of using digital money and cryptocurrencies is a special challenge in other regulated financial systems, except in cases where central banks issue cryptocurrencies ”.

How to trade cryptocurrencies

Anyone who currently resides in Europe can still trade cryptocurrencies and keep the gains. With platforms such as Bitcoin systemfor example, it is already possible to withhold all earnings. Better now, than when ad hoc laws come out to tax this other income too. Furthermore, for the moment the subscription to these platforms is still free.

What do you think about the upcoming cryptocurrency regulation in Bosnia and Herzegovina? Let us know your comments in the section below.