The introduction of order in the cryptocurrency market in the European Union was brought about by the Regulation on Markets in Crypto-Assets (Markets in Crypto-Assets – MiCA) as a unique legal framework. In Croatia, the Law on the Implementation of the Regulation on Markets in Crypto-Assets came into force in July 2024, followed by accompanying national rules to ensure user protection and security as well as business openness.
However, payment with cryptocurrencies in Croatia is generally not yet that interesting to citizens, according to some of our interlocutors. For example, Croatian Post, despite a positive business and procedural impression, has not offered the sale or purchase of cryptocurrencies since the end of 2022 due to low citizen interest and does not plan to reintroduce it in its post offices. However, there are different experiences.
Fast and Reliable
In the HGSPOT Group, they state that the introduction of cryptocurrency payments into their business was a natural continuation of following technological and financial trends close to their customers. Given that they deal with the sale of information technology with an emphasis on modern technological solutions, they also enabled cryptocurrency payments for online store users and in eleven of their retail outlets in November 2022.
– To accept cryptocurrency payments, we use the services of Electrocoin’s PayCek platform, a specialized provider of solutions for accepting cryptocurrencies in retail and online sales. This approach has allowed us a simple and secure integration into existing sales and fiscal processes, without additional operational burden for employees, ensuring customers a fast, reliable, and transparent payment process, and it is important to emphasize that there are no fees characteristic of other payment methods, as with card payments.
Stable from the Start
The structure of cryptocurrency payments mostly depends on market trends, the level of acceptance of individual currencies, and their practical application in everyday transactions. In the past year, the most commonly used cryptocurrencies for payments in our country are Bitcoin (BTC) and Ethereum (ETH), while among the more common are stablecoins USDT and USDC. Although cryptocurrencies currently make up a smaller share of total turnover, customer interest in this form of payment exists and has been stable since its introduction – they emphasized in the HGSPOT Group.
They note that the response is particularly positive among customers who are already well acquainted with cryptocurrencies, which is why they have not had significant challenges in executing such transactions so far. Customers who use this payment method, they said, generally understand the process clearly, and any possible ambiguities are resolved quickly and without difficulties. They believe it is important to monitor regulatory changes and that this payment method is clearly, securely, and appropriately regulated by the relevant legal framework.
– Clearer rules facilitate business for merchants, strengthen customer trust, and create a more stable framework for the development of digital finance, so we expect that it will encourage broader application of cryptocurrencies in practice in the long term. We do not perceive cryptocurrencies in the retail environment as a short-term trend, but as a technology that will gradually integrate into the broader system of digital payments.
Over time, the boundary between traditional and digital financial solutions will become less visible, and the emphasis will increasingly shift to the simplicity, security, and speed of transactions. We see cryptocurrencies as part of a broader evolution of different payment options, not as a replacement for existing ones – they assess in the HGSPOT Group.
Gradual Acceptance
Payment with cryptocurrencies in Alpha Luxe Group was introduced in 2020 as a strategic decision, aimed at increasing digital flexibility and adapting to international customers, emphasized Robert Budimir, founder and director of Alpha Luxe Group. He does not view cryptocurrencies as a replacement for traditional financial channels, but as an alternative and additional form of payment within modern and responsible business. They also use the services of the licensed domestic crypto-payment provider Electrocoin in their operations, through whose payment gateway they accept the most common Bitcoin, Ether, and stable cryptocurrencies like USDT and USDC in practice.
– Other leading cryptocurrencies from the provider’s offer are also available. All transactions are immediately converted into euros, completely eliminating the risk of volatility. Cryptocurrencies are currently used on a smaller scale and are still in the phase of gradual acceptance. They are most often used for deposits and initial transactions, although the system is technically and operationally adapted for larger amounts.
The response among users is positive, especially among foreign customers, digital nomads, and tech-savvy clients, but the real estate market remains predominantly reliant on traditional bank transfers, which is why crypto payments currently have the character of an additional option, not the main channel – described Budimir, who assesses his previous experience with cryptocurrencies as positive, stable, and controlled.
