Czech Republic to impose stricter crypto regulations – will fine companies up to $500,000

Czech Republic to impose stricter crypto regulations – will fine companies up to $500,000

Image source: Shutterstock / Trijo News

Teodor Stig-Matz

teodor.matz@trijo.co

Running a crypto company without following the rules will be expensive in the Czech Republic.

Cryptocurrency has faced a lot of opposition from politicians and other holders of power recently. Among other things, US President Donald Trump has tweeted really negative statements about bitcoin.

In Europe, too, the cryptocurrencies have encountered some patrol from politicians. Among other things, the European Central Bank has dissed bitcoin.

Can be fined up to €500,000

Now the Czech Republic goes a step further. The Central European country is implementing tougher rules for crypto companies than the EU requires, local newspaper Hospodářské Noviny reveals.

Among other things, anyone who runs a crypto company without a license can now be fined €500,000.

It is unclear when the rules will apply, Cointelegraph reports.

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