Ordinance on keeping the register of virtual asset service providers

The Board of the Croatian Financial Services Supervisory Agency (Hanfa), at its regular session, adopted the Ordinance on keeping the register of virtual asset service providers and the assessment of good repute of natural persons in a virtual asset service provider.

The date of entry into force of this Ordinance (8 days after the publication in the Official Gazette) initiates the 60-day term for submission of requests for entry in the Register of virtual asset service providers, which shall be kept by Hanfa.

The procedure of registration shall check, among other things, the good reputation of natural persons who are the owners and manage the operation of the virtual asset service providers. The obligation for entry in the Register relates to all service providers in Croatia providing custodianship and virtual asset management services, managing a platform for trade in virtual assets, and performing the activity of exchange of virtual assets for money, and other prescribed activities.

If, after the stated deadline, a virtual asset service provider performing the above activities does not submit a request for entry in the register, it shall be deemed to perform such services without authorisation, which is explicitly prohibited by amendments to the Anti-Money Laundering and Terrorist Financing Act.

Hanfa has hitherto kept a list of companies it monitors on the grounds of anti-money laundering regulations, and the introduction of the register increases the scope of verification, which now also covers the reputation of company owners. However, until the start of the application of the Markets in Crypto-Assets Regulation (MiCA) Hanfa will not authorise the operation of such companies, it will not license their management members or be authorised to supervise virtual asset service provision.

Note that the MiCA Regulation has recently been voted by the European Council and shall be implemented in all EU Member States as of 30 December 2024. 

For more details from the meeting, see here.


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