Croatia Now Has Its Own Self-regulating Body for Blockchain and Crypto

Croatia becomes the third country with its own self-regulating body for blockchain and cryptocurrency  
19 February 2018   183

A company known as UBIK becomes Croatia’s self-regulating body. It will also work regulating this industry in the coming years.

Croatia is not usually associated with blockchain and cryptocurrencies. UBIK was created to improve this situation. UBIK’s goal is to spread cryptocurrency and blockchain awareness first and foremost.

This organization was registered on February 13. It began operations after receiving approval on February 17. At the moment, the organization was joined by at least 70 members, which confirm a growing interest in cryptocurrency and blockchain technology.

UBIK also wants to focus on a regulatory framework for ICOs. Representatives of UBIK had a meeting with officials from the Central Office of Tax Administration. They discussed crypto taxation. Yet it is unclear how they plan to do so exactly.

It seems that this self-regulating body is supported by the government. The Croatian government has not taken an official stance against these technologies.

SEC to Start Crypto Hedge Funds Check

To date, the regulator has identified at least 100 funds working with crypto-currencies
23 March 2018   12

The US Securities and Exchange Commission is preparing to check about 100 hedge funds that work with crypto-currencies. The Wall Street Journal writes about this with reference to a source familiar with the situation.

The initiative followed the announcement of the verification of dozens of crypto-currency start-ups suspected of spreading securities under the guise of digital tokens.

Although the agency will pay attention to various violations during its audit, the main task is to inform the market participants about the policies that the regulator adheres to the crypto currency, the source said.

The audit will begin within 2 months, the source said. The Commission will pay attention to whether the assets that buy hedge funds match those that they offer to their investors. The SEC will also check how hedge funds inform investors about the risks and how their documents describe the trading strategy for crypto-currencies and tokens. To date, the regulator has identified at least 100 funds working with crypto-currencies.

The SEC directly regulates hedge funds under the control of which there are assets worth more than $ 150 million, and smaller companies check periodically. In 2017, 84 crypto-currency hedge funds were launched.