The Association for Blockchain and Cryptocurrencies (UBIK) organized a regulatory meetup this week dedicated to issues and experiences related to the recently established Hanfa register of virtual asset service providers. The theme of the meeting was the exchange of experiences and fostering dialogue among stakeholders from the crypto industry, financial regulators, and other interested parties.
The meetup began with an introductory presentation by Morana Vukić Perak, Head of Legal Affairs at Electrocoin. She briefly introduced the Regulation on the Maintenance of the Register of Virtual Asset Service Providers to the participants, highlighting key aspects and procedures of this new regulation. We recently spoke with Vukić Perak about the new register and what it brings us.
Following the introductory presentation, a panel discussion moderated by Vukić Perak took place, featuring Senada Dürrigl, Director of the Office for the Prevention of Money Laundering, and Zoran Orlović, Specialist Supervisor at the Office for the Prevention of Money Laundering at HANFA, Dejan Davidović from Kriptomat, and Vlaho Hrdalo, lawyer and partner at Hrdalo & Krnić and President of UBIK.
Dürrigl emphasized that initial oversight of virtual asset service providers (VASPs) began back in 2020, stressing that the primary goal of the regulator is consumer protection through regulation and increased transparency in the crypto industry. She noted that HANFA aims to achieve a level of regulation that is acceptable to both regulators and supervised entities.
Orlović further emphasized the importance of the new register, stating that establishing this register is a priority over other regulatory activities that Hanfa conducts.
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Davidović from Kriptomat, which is registered in Estonia, shared his experience regarding registration in Croatia and highlighted that the process of cooperation with Hanfa was positive. Davidović compared the registration process in several EU member states and cited examples from France, Spain, and the Netherlands, where regulatory requirements vary, some being more extensive, others more demanding, such as the Netherlands, which Davidović described as overly demanding, stating that from an economic perspective, it is not profitable for Kriptomat to operate there.
Hrdalo made an interesting comparison between the crypto and banking industries. He noted that if all 17 VASPs that applied are registered in the Register, the number of virtual asset service providers and banks operating in Croatia will become increasingly similar, emphasizing that the crypto industry is a new iteration of the financial sector.
Later, Hrdalo added that HANFA’s approach is better and more comprehensive than that of the Slovenian regulator, as it better prepares entities for the upcoming MiCA regulation, which will further shape the crypto industry in the EU.
When asked about the preparedness of VASPs for MiCA regulation, Orlović generalized that all serious VASPs have shown readiness for regulation.
The panel discussion concluded with an emphasis on the importance of communication between regulators and entities, with Dürrigl highlighting that HANFA has made significant efforts to bring the new regulation to life and is ready for further dialogue with all relevant parties.
Hrdalo concluded the panel by expressing satisfaction that UBIK has managed to initiate a constructive dialogue with regulators and that regulators are now actively invited to participate in that dialogue. This meetup clearly demonstrates how Croatia seeks to align its approach to regulating the crypto industry with European standards and promotes transparency and cooperation among stakeholders in this growing industry.
