A European country in the Balkans region could start regulating the crypto environment within 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 countryâ€™s history.
Bill Aims to â€˜Attract Entrepreneursâ€™ to the Country
According to Klix, the Union for a Better Future (SBB) of Bosnia and Herzegovina (BiH), a Bosniak political party, is set to draft a crypto bill after forming a group to research â€œtechnological, economic progress, and market modernization.â€
The plan includes digital asset development, and thus, crypto-related rules are required to make it possible. The report states that Vedad MeÅ¡anoviÄ‡, a local financial expert, will lead the drafting of the bill.
MeÅ¡anoviÄ‡ â€“ who was recently included in the Forbes list of the 30 most influential people under the age of 30 â€“ stressed the need to regulate the virtual currency sphere in Bosnia and Herzegovina, as state laws â€œdo not follow the development of the cryptocurrency marketâ€ across the board. He added:
Croatia and Serbia Used as a Reference for the Crypto Bill
Per the report, the draft bill will also consider some regulations enacted in Serbia and Croatia. Of particular interest are those that regulate crypto miners and traders, who are required to pay taxes on capital gains, 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 to regulate the crypto industry, said the financial expert. Moreover, the Banking Agency of the Federation of Bosnia and Herzegovina, a state agency responsible for domestic bank regulations, said:
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