The Blockchain and Cryptocurrency Association of Croatia (UBIK) is a self-regulatory organization which registered on February 13th with the goal of creating a crypto community, educating the public, as well as developing regulation in Croatia.
According to the UBIK blog, it has officially started working on February 17th.
The governing board of UBIK has already met with the Central Office of Tax Administration in Croatia on February 9th, to discuss the problems covering the cryptocurrency taxes as a capital gain, the regulations of Initial Coin Offerings (ICOs), and the business of crypto mining companies.
The Croatian Bitcoin Portal writes that the members of the Tax Administration have shown a willingness to openly engage with finding solutions to problems that fall under tax law.
The idea behind UBIK was prompted by the rising use of Blockchain in both Croatia and across the globe.
The founding members are made up of a variety of Croation Blockchain enthusiasts which include Blockchain developers, attorneys specializing in Blockchain, as well as authors of Blockchain-related books, the Croatian Bitcoin Portal writes.
The announcement of February 17th reports that over 70 members have joined UBIK so far.
The Croatian newspaper PoslovniDnevnik reports that one of the organizers of UBIK, named Nikola Škorić, who is also the host of the Bitcoin Group Zagreb meetup, as well as the creator of cryptocurrency brokerage service Electrocoin, said that he hopes to foster an environment for more Blockchain startups to base themselves out of Croatia.
The newspaper also states that over 25,000 Croatians, out of a country of 4 mln, are investing in cryptocurrency.
Škorić also wants the next 20 Croatian ICOs to be based in Croatia, citing the example that Blockchain-based companies that the Zagreb Stock Exchange has a stake in need to use legal entities in Estonia opposed to Croatia, as a result of lack of clear crypto legislature in the country.
Škorić told Poslovni Dnevnik:
We want your startups to be registered as Croatian companies, as well as that the capital collected comes directly to Croatia, to expand the database of experts that can work on this technology, to create a pool of knowledge and competence, reinforcing the industries which work on the Blockchain.
Earlier this week, about seven large cryptocurrency companies came together to form CryptoUK, which is a self-regulatory body within the United Kingdom crypto industry.
CryptoUK is going to work with the UK on problems such as preventing Bitcoin (BTC) and cryptocurrencies from being used in money laundering, as well as in some other illegal activities, but it is not going to deal with ICO regulation.
The formation of a similar self-regulatory has been rumored in Japan too, with the Japan Blockchain Association (JBA), as well as the Japan Cryptocurrency Business Association (JCBA) reportedly joining together this spring to act as a single body, regarding regulations of crypto.