Croatia-based crypto companies form UBIK in move towards self-regulation

In a move that mirrors recent events in the UK, Croatia now has its own Cryptocurrency industry body looking to self-regulate the sector.

The Blockchain and Cryptocurrency Association (UBIK) officially came into being on the February 13th, with the aim of informing the public about Cryptocurrency, and developing regulatory guidelines for Croatian business active in the sector. To this end, founding members of the organisation held pre-emptive meetings with the country’s tax authorities to discuss how to handle capital gains, Initial Coin Offerings and the work of crypto-miners.

The Association, which is made up of an assortment of over 70 people and organisations, is also working towards creating an environment that will encourage more Blockchain startups to base themselves out of Croatia. It’s formation comes at a time where Crypto-related activities are coming increasingly under the glare of lawmakers across the globe, with self-regulatory bodies popping up to influence, or head-off, new laws to curtail their businesses.

For example, two Japanese organisations – the Japan Blockchain Association (JBA) and the Japan Cryptocurrency Business Association (JCBA) – are reported to be exploring working together to come up with a code for their territory. Also, last week saw the formation of CryptoUK, a self-regulatory trade body in order to set industry standards for the sector in the United Kingdom. That organisation includes representation from BlockEx; CEX.IO; Coinbase; CoinShares; CommerceBlock; CryptoCompare; and eToro, under the Chairmanship of Iqbal V Gandham. He commented:

“We’ve seen enormous growth of cryptocurrencies in the UK and recognition of both the benefits and the opportunities to make the UK a global leader. We’re extremely proud to have brought together some of the leading players in the sector.

“This Association is not only about exchanges, we represent the whole crypto sector, apart from ICOs. All of us are unified by a desire to grow in the UK and for the need for collaboration with government on what our future operating environment looks like.”