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Bosnia and Herzegovina is getting ready to introduce its first crypto regulatory framework. Lawmakers are reportedly drafting a bill that will regulate the country’s digital assets industry.
The Union for a Better Future (SBB) of Bosnia and Herzegovina, a Bosniak political party, has formed a committee to study “technological, fiscal, and market modernization,” according to Bitcoin.com. The aim of the group is to draft a bill that would establish a regulatory framework for the country’s digital assets market.
The move is part of Bosnia and Herzegovina’s efforts in modernizing its financial market. Since it includes the development of digital assets, it requires the establishment of crypto-related rules.
Local financial expert Vedad Mešanović, who was named in the latest Forbes list of the world’s 30 most influential people under the age of 30, will lead the bill’s drafting. He supports the regulation of Bosnia and Herzegovina’s digital assets market because state laws “do not follow the development of the cryptocurrency market” across the board.
“My job will be to prepare a draft of this law, to work out the details so that we can best bring a large number of companies and entrepreneurs here who would pay taxes here, that is, to create a good environment,” Mešanović said, according to local publication Klix. “With this draft, SBB’s job will be to use its strength to propose that law and to vote.”
The crypto bill will use some of Croatia and Serbia’s crypto regulations as references. For instance, crypto traders and miners might have to pay taxes on capital gains and a city-specific surtax.
However, Mešanović did not give a specific timeline as to when the crypto bill will be up for discussions. It is still unclear if it will eventually get approval from lawmakers.
The crypto landscape in the country is a bit hazy. While the Central Bank of Bosnia and Herzegovina reiterated that the convertible mark (the country’s currency) is the only legal means of payment and that it does not allow for the exchange of Bitcoins or other cryptos for convertible marks, the bank also stated that there are no plans to limit or prevent their purchase of and trading, according to Bitcoinist.com.
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