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Bitcoin Regulation and Bitcoin Tax in Croatia

The Croatian government has yet to set a firm policy on crypto currency but Bitcoin is not generally considered illegal in the country. Indeed the authorities and Croatian crypto companies are working together to formulate constructive decisions regarding crypto currencies such as Bitcoin.

There seems to be an alignment with neighbouring countries such as Slovenia, Latvia and Bulgaria with Crypto exchanges launching peer to peer exchanges from those countries available in Croatia. According to Bitcoin.com, ‘Two exchanges from opposite corners of New Europe have announced plans to offer peer-to- peer cryptocurrency trading. Latvia-based Hodl has launched its new P2P platform in beta-mode, and Bulgarian Crypto.bg is developing its own service that may replace the fiat medium with a token.‘ These are now operating and the general acceptance and freedom of Bitcoin could be seen as a reaction to the years of suppression these countries suffered under the communist regime. This is in stark contrast to the European Securities and Market Authority (ESMA) who view Bitcoin with rather more disfavour. But as Bitcoin and other currencies are essentially borderless and it is easy to transact, buy and sell Bitcoin online any one particular countries attitude is largely redundant.

According to Bitfalls a new currency organisation called the Blockchain and Cryptocurrency Association (Udruga za Blockchain i Kriptovalute - UBK) is advising government regulators on buying, selling, general transactions and even paying staff in bitcoin.

“UBK intends to create a focused and strong community of people involved with the blockchain technology and the domain of cryptocurrency in Croatia the Croatian association is planning to provide information, education and knowledge on the digital economy and assist the authorities to support technological development, strategy and legal expertise as a priority.

Croatia’s neighbour Slovenia is also adopting a more positive approach with government officials and blockchain companies vowing to work together to “educate the public on the benefits and the opportunities that the innovative technology brings”. Slovenian Prime Minister Miro Cerar participated in a recent meeting hosted by Viberate. “We have called for regulation that would assist blockchain projects with existing financial limitations and allow us easier recruitment processes. The government has agreed that it will provide us with more favourable conditions in due time. According to Bitcoin.com, ‘the companies, which took part in the meeting, also announced the establishment of the Blockchain Alliance CEE. It will focus their efforts on improving visibility and raising the reputation of the sector through unified communication.’

As an aside, the current government in Ljubljana also has a positive attitude towards the crypto industry. At the Digital Slovenia 2020 conference last year Prime Minister Cerar ‘acknowledged the progress made by local businesses stating his country could become a leader in blockchain- development in the European Union.’ Slovenia is also among countries that do not tax individuals on capital gains from bitcoin and other cryptocurrencies.

This article is for information purposes only and is not to be construed as financial information for any purpose such as investment or speculation and it is the responsibility of the reader to perform proper due diligence before acting upon any of the information provided. We recommend that you consult with a licensed, qualified investment advisor before making any investment decisions.