Globally, there are almost no regulations prescribing the issuance, investing and trading in cryptocurrencies, although the need for regulations is becoming increasingly apparent.
Cryptoassets, in terms of formal qualifications, are generally divided into two categories:
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payment-type cryptoassets that are Bitcoin-like crypto-assets (BLCA) and are classified as non-financial assets, and investments in such cryptoassets are treated as non-financial investments, intangible assets, which is why these transactions are current, not financial.
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Cryptoassets that have the characteristics of financial instruments (stablecoins, i.e. asset-referenced token) and are classified as financial assets / investments.
In our country, as in other countries, the matter of issuance, investing and trading in cryptoassets is not regulated, neither in the Law on Foreign Exchange Operations (and its bylaws) which regulates transactions among residents and non-residents. However, this does not mean that the transactions with cryptoassets are illegal, but at the moment, they are not regulated.
Due to their complexity and anonymity, cryptoassets transactions have a higher level of risk of money laundering and terrorist financing. Hence, banks are obliged to comply with the relevant requirements related to the foreign exchange regime, as well as the regulations related to the prevention of money laundering and terrorist financing. (back | back to Q&As about cryptocurrencies)
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