Application for Cryptocurrency License Before June 29?

Local cryptocurrency companies will be able to apply for licenses before June 29, when the implementation of the Law on Digital Property starts, as reported by Startit.

Local companies which operate in the field of cryptocurrencies fear that the delayed implementation of the Law on Digital Property might jeopardize their operations, but, according to Startit, there’s no reason to fear:

– The Law on Digital Property, which is good in principle, is already in effect, but the implementation only starts on June 29. This deadline has been provided so that all participants in the process would have time to adapt. However, the problem is that, after that date, no one can operate without a license and it remains to be seen how the competent organs are to resolve all the requests in one day, because it is believed that the institutions cannot issue permits before that date.

In order to avoid this kind of a legal vacuum, Article 145 of this law says that “the persons that provide the services related to digital property are obliged to harmonize their operations and general acts with the stipulations of this law and the bylaws and to file an adequate request for a permit to the supervisory organ within six months of the law’s coming into effect”.

Therefore, even before the law is to be implemented, the competent organs are obliged to adopt all the necessary regulations and thereby enable companies to apply for the permit before June 29, that is, to be able to operate with a license starting with that date.

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