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Croatian reg’ chairman on cryptoassets regulation

Croatie
On the 11/27/20 at 4:03PM

by

Adrien Paredes-Vanheule

At the start of July 2020, the Croatian financial market authority Hanfa had given its green light to the distribution of the first local cryptoassets open-ended investment fund, solely focused on bitcoin. Speaking at a conference on the future of fintech in Croatia, Hanfa’s chairman Ante Žigman said the country is making “small steps” into regulating the cryptoassets sector. Hitherto, cryptocurrency firms have only been assessed through the prism of the fight against money laundering and financing of terrorism. There is no law for the sector. Žigman specified that Hanfa currently monitors a dozen cryptoasset firms but that the regulator does not license them.

“At the moment, the recovery of the cryptocurrency market is significant, the volume is large and there are a lot of bidders and buyers in it. The price of bitcoin recently approached the price that this cryptocurrency had at its peak, in 2017, and demand is clearly growing. This, of course, intensifies the discussion on regulations, which is often demanded by the participants themselves, some of whom believe that there will be more investment. Whether this is true remains to be seen. For larger investments, at least in Europe, some form of regulation and security is required, while some other large world economies are not yet inclined to do so, but it should also be said that the EU makes less than 4% of investments in the blockchain industry,” Žigman said.

Hanfa’s chairman highlighted however that balanced and adjusted regulatory requirements shall be drawn for small states such as Croatia when EU regulations are drafted.