Name
Global FinTech Guide
Country _ Name
Czech Republic
SectionTitle
DLT and cryptocurrencies
Body
FinTechs belonging to this category offer financial services using crypto currencies. This category also includes FinTechs utilising blockchain and distributed ledger technologies (DLT) upon which Bitcoin and Ethereum are based, among others. FinTechs develop and do research in this field in order to create new services – e.g. crypto currency exchange markets, wallet providers, NFTs-related services, new payment services, "smart contracts" or new clearing and settling services.

Introduction

Attitude of the country towards financial services using crypto currencies

Payments with crypto currencies are offered as an alternative way of payment in Croatia (even in some shops and restaurants). Cryptocurrencies are gaining more and more popularity in Croatia. For example, according to the information from Eurobarometer survey on retail financial services and products from October 2022, the proportion of respondents who report owning cryptocurrencies in Croatia was 16%, being one of the highest proportions among EU member states.


Legal affairs

Obligations and requirements to provide financial services using crypto currencies described above

Croatia has adopted the Act on the Implementation of Regulation (EU) 2023/1114 on Markets in Crypto-Assets (MiCA Implementation Act) (Official Gazette number 85/2024) to ensure the effective application of MiCA Regulation within Croatia's legal and regulatory system. To provide financial services using cryptocurrencies (e.g. exchange, custody, or trading), entities must:

  • obtain prior authorization from HANFA, unless they qualify for temporary exemption as a pre-existing provider of virtual asset services;
  • comply with MiCA requirements, including transparency, organizational standards, conflict-of-interest policies, and consumer protection obligations; and
  • ensure AML/CTF compliance under Croatian national legislation.
Virtual asset service providers operating before MiCA Regulation’s application may continue offering services until 1 July 2026 but are subject to limited regulatory supervision until they receive full authorization.

Additional comments regarding the legal situation for financial services using crypto currencies or what FinTech’s must be aware of in this business area

Pursuant to the MiCa Implementation Act and CIA, The CNB is responsible for the licensing and supervision of issuers of e-money tokens and asset-referenced tokens, while HANFA is the competent authority for supervising issuers of other crypto-assets, the operation of virtual asset service providers, and the prevention of market abuse in the crypto-asset sector.


Economic conditions

Market size for financial services using crypto currencies and biggest companies in this business area

HANFA maintains the Registry of virtual asset service providers, available at: https://www.hanfa.hr/registers/virtual-currencies/legal-entities-providing-virtual-asset-services/
. Currently there are 17 Croatian companies registered as virtual asset service providers, as well as three entities supervised by a competent regulator from another Member State.
According to HANFA’s website, there are presently no Croatian entities authorized to provide services related to crypto-assets under the MiCA Regulation. However, there are 30 notified entities from EU Member States authorized to offer crypto-asset-related services pursuant to MiCA.

In addition, recent developments on the market include HP-Hrvatska pošta d.d. (Croatian Post) issuing its own crypto stamps which can be bought at a post office and online. The crypto stamps include both traditional printed stamps and a digital counterpart. While the physical stamps serve regular postal functions, the digital versions act as a collectible items that can be stored in a virtual wallet, blending classic philately with modern technology.

Additional comments regarding the economic situation for financial services using crypto currencies or what FinTech’s must be aware of in this business area

N/A

Authors

Close

Choose country