Based on news from Banja Luka, Republic of Srpska has established a registry of intermediaries in the trade of cryptocurrencies, which continues to regulate this market. Also, what allowed for this novelty is that in the Republic of Srpska, a new regulation has been published as the Rulebook on the record of service providers related to virtual currencies.
This country has established a registry of intermediaries in the trade of cryptocurrencies, which continues to regulate this market. Specifically, the Republic of Srpska Securities Commission adopted the Rulebook on the Registration of Service Providers Related to Virtual Currencies and precisely defined the rights and obligations of those who want to be involved in this process.
The Republic of Srpska has established a registry of intermediaries in cryptocurrency trade with a newly published rulebook
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Author: Kristina Dosen
Category:
Fiscal subject related
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371
Content accuracy validation date:
27.01.2023
Content accuracy validation time:
12:09h
Content
This Rulebook continues the regulatory trajectory of the previous act, i.e., the Law on Amendments to the Law on Securities Trading, from mid-2022. This amendment to the law has defined the topics of virtual currency and stated that the Securities Commission of this country is the competent body to keep records and control providers of services related to virtual currencies.
The Rulebook, published as an extension of the previous regulation, clarifies that intermediaries can be registered companies and entrepreneurs who can store and manage virtual currencies, organize a platform for their trading, and exchange and sell them as well. They are required to open a bank account for special purposes, and the money from that account can be used exclusively for buying and selling cryptocurrencies. The funds in the (bank) account for special purposes are not the property of the service provider, they do not enter into his property or the liquidation or bankruptcy estate, nor can they be used to settle the claims of the service provider's creditors, nor can they be subject to enforcement in proceedings against the service provider according to certain parts of the Rulebook.
In this document, it is written that intermediaries, before concluding a contract, are obliged to familiarize their clients with business risks in this area.
Also, based on the current regulations in the Republic of Srpska, the Commission and other public sector bodies do not guarantee the value of virtual currencies and are not responsible for any possible damage or losses. Regulations governing deposit insurance, as well as regulations governing the protection of users of financial services, do not apply to transactions with virtual currencies, as the aforementioned Rulebook clearly states.