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Croatia Aims to Become a Hub for Cryptocompanies' Passporting in the Eurozone.

25 Aug 2023

Croatia ambitiously aims to secure a leading position within the Eurozone as a hub for passporting cryptocurrency companies, stated Vlaho Hrdalo, the head of the country's Blockchain and Cryptocurrency Association. He emphasized that Croatia aspires to become the first country in the Eurozone to offer participants in the crypto industry the opportunity to undergo the passporting procedure in accordance with the new EU legislation concerning cryptocurrencies (MiCA).

Vlaho Hrdalo, renowned for his contributions to the development of the cryptocurrency sphere in Croatia, revealed that the Croatian Financial Services Supervisory Agency (Hanfa) has devised a comprehensive set of rules governing registries of cryptocurrency assets. These rules will enable companies to complete the registration process with Croatia's financial regulators within 60 days.

A key component of MiCA is the practice of passporting, which grants financial companies the ability to be based in a single Eurozone member state and subsequently provide services to clients in other union countries, adhering to the rules of their country of registration. This mechanism facilitates the reduction of bureaucratic and legal barriers for companies wishing to provide services across different EU countries.

The head of the Association underscored that granting industry companies the opportunity to undergo registration well ahead of the implementation of the MiCA legislation in 2025 will incentivize digital asset market participants to select Croatia as the location for their offices. This advantage will enable them to offer cryptocurrency services to clients across the entirety of the European Union.

Croatia, with its favorable business environment and commitment to innovation, intends to leverage this opportunity to bolster its reputation within the realm of cryptocurrencies and blockchain. Vlaho Hrdalo expressed confidence that this approach will aid the country in attracting substantial investments and talented professionals within the field of cryptocurrency technologies.