The Eastern European nation has just announced the launch of a self-regulatory blockchain organization called UBIK.
This news comes at a time when a large number of countries such as Japan, Switzerland and Slovenia have also taken active measures to regulate the blockchain market within their respective countries, in order to encourage more innovation in this sector.
UBIK is an autonomous body comprising mainly blockchain developers, entrepreneurs and cryptography enthusiasts from Croatia and other surrounding regions.
The objective of this organization is to provide the masses with knowledge about the blockchain domain and crypto concepts, so that occasional investors can also participate in the global trend.
Also among its many objectives, UBIK aims to help national financial authorities with a wide range of legal and financial issues so that a regulatory framework can be developed in the future.
Background
According to local news reports, UBIK members had met with Croatian Tax Officials since 9 February to work on a legal framework that would consider the issue of cryptocurrencies taxed as "capital gains" as well as to regulate ICOs.
The organization officially came into existence on February 13.
In addition, the Croatian media have been covering the nation's cryptographic activities for a long time and have reported that sentiment in general favors the adoption of blockchain technology.
This is mainly because the masses have begun to realize the potential of this market and, therefore, want local cryptographic companies to flourish and promote the country's economy.
Nikola Škorić, one of the key figures involved with UBIK and owner of a local brokerage service called Electrocoin, had the following words for the media:
"We want our startups to register as Croatian companies and for the capital raised directly to Croatia, to expand the database of experts who can work on this technology, to create a set of knowledge and competence, strengthening the industries to work in. Blockchain ".
Similar cases
As in Croatia, a small group of encryption organizations met in the United Kingdom a week ago to form a self-regulating blockchain body called CrytoUK. The organization plans to work with local and national authorities to prevent the misuse of digital assets for illegal activities such as money laundering and smuggling.
Similarly, Japan also saw the formation of a new self-regulated cryptography organization that was created through the merger of existing cryptographic bodies called JBA and JCBA. This new configuration consists of 154 members and aims to address a number of issues related to ICO regulations in the country.
Finally, the Swiss authorities also revealed a couple of days ago that they would allow ICOs to be treated as securities.
These stories clearly indicate that governments around the world have realized the futility of resisting the crypto movement, and are now looking for active means to adopt the blockchain in the most streamlined and efficient way possible.