August 8th, Czech media, Hospodářské Noviny, announced a new bill that would tighten cryptocurrency regulation in the country. According to information, financial supervision in the Czech Republic is going to adopt standards several times stricter than in the European Union.
Cryptocurrencies in the Czech Republic
According to information from a local Czech newspaper, Maria Staszkiewicz from ČEFTAS reported that the planned amendment leaves Czech companies in significant competitive damage compared to the services of foreign cryptocurrency companies.
So, Czech regulators plan to impose a large fine, up to half a million euros, on crypto-companies that do not have time to register with the Trade Licensing Authority. At the same time, those companies that apply for a license will have to undergo incredibly strict selection. Compared with the fifth EU Directive “On Combating Money Laundering,” the regulatory framework for the cryptocurrency sector in the Czech Republic turned out to be much tougher. At the same time, the latest cryptocurrency news has already reported that India, which is also known for its strict crypto-regulation, is going to ban the circulation of digital money in the country.
In addition, Czech regulators are going to expand the scope of their supervision for cryptocurrency exchanges, exchangers and crypto-wallet developers. The main requirement of regulators, according to the new bill, is to ensure complete transparency before the legislature.
In the Czech Republic, they are going to introduce tight regulation of cryptocurrencies. Recall that the local authorities of Seoul intend to introduce blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details technology until November of this year, as well as to issue their own local cryptocurrency to promote the social activity of citizens.
Editor: Pereyidenko Ihor