| Abstract | Ovaj rad bavi se tržišnim i regulatornim aspektima kriptovalute. Prva kriptovaluta pojavljuje se 2008. godine. Njezin naziv je Bitcoin. Osoba ili osobe koje su kreirale Bitcoin su nepoznate, poznat je samo pseudonim Satoshi Nakamoto. Bitcoin je pokrenuo revoluciju u svijetu kriptovaluta te ubrzo nakon njegove pojave svjedočimo nezaustavljivom razvoju novih kriptovaluta koje dijele istu tehnologiju na kojoj je utemeljen i Bitcoin, a to je blockchain tehnologija, proof of work način stvaranja kriptovalute te ostali aspekti tehnologije kojima se ovaj rad također bavi. Ubrzo Bitcoin dobiva na vrijednosti. U svibnju 2010. godine tako imamo prvu Bitcoin transakciju (Bitcoin pizza day). Rane transakcije bile su moguće prvenstvo u fizičkom smislu, dok se danas one najčešće obavljaju preko specijaliziranih kripto mjenjačnica ili burza. Analizirajući graf vrijednosti može se zamijetiti kako vrijednost Bitcoina fluktuira u velikom rasponu u kratkom vremenskom intervalu, tj. volatilnost je visoka. Isto vrijedi i za druge kriptovalute (osim onih koje su stablecoin – prate tečaj fiat valute). Razlog zašto je volatilnost toliko visoka leži u činjenici što je tržište kriptovaluta decentralizirano. To znači da ne postoji nadležno tijelo koje bi reguliralo vrijednost niti dotok novih novčića (tokena). Ono u potpunosti ovisi o ponudi i potražnji. A na ponudu i potražnju opet utječe široki spektar razloga. Stoga, gotovo je nemoguće procijeniti buduća kretanja na tržištu kriptovaluta. Pravna regulativa kriptovalute još uvijek je u povojima. U Republici Hrvatskoj ne postoji zakonski akt koji bi u potpunosti obuhvatio sve aspekte kriptovalute. Zasad su kriptovalute regulirane u dijelu koji se tiče pranja novca (Zakon o sprečavanju pranja novca i financiranja terorizma) i u dijelu koji se tiče dužnosti plaćanja poreza koje je porezni obveznik dužan platiti ako je ostvario kapitalnu dobit od trgovanja kriptovalutom (Zakon o porezu na dohodak). Na razini Europske Unije donijeta je Uredba koja bi trebala urediti tržište kriptovaluta. Uredba će na snagu stupiti 30. prosinca 2024. godine i ona predstavlja okvir koji će zasigurno navesti i domaća zakonodavstva država Europske Unije da regulaciju kripto tržišta uvrste u svoja zakonodavstva. |
| Abstract (english) | This paper deals with the market and regulatory aspects of cryptocurrency. The first cryptocurrency emerged in 2008, named Bitcoin. The person or persons who created Bitcoin are unknown; only the pseudonym Satoshi Nakamoto is known. Bitcoin initiated a revolution in the world of cryptocurrencies, and shortly after its inception, we witnessed the unstoppable development of new cryptocurrencies that share the same technology on which Bitcoin is based, namely blockchain technology, the proof of work method of creating cryptocurrency, and other aspects of technology that this paper also addresses. Soon, Bitcoin gained in value. In May 2010, we have the first Bitcoin transaction (Bitcoin pizza day). Early transactions were possible primarily in a physical sense, whereas today, they are mostly conducted through specialized cryptocurrency exchanges. Analyzing the value graph, we can notice how the value of Bitcoin fluctuates within a wide range in a short period, i.e., it's volatility is high. The same applies to other cryptocurrencies (except for stablecoins, which track the exchange rate of fiat currency). The reason for such high volatility lies in the fact that the cryptocurrency market is decentralized. This means that there is no competent authority regulating the value or the influx of new coins (tokens). It entirely depends on supply and demand. Supply and demand, in turn, are influenced by a wide range of reasons. Therefore, it is nearly impossible to predict future movements in the cryptocurrency market. The legal regulation of cryptocurrency is still in it's infancy. In the Republic of Croatia, there is no legal act that fully encompasses all aspects of cryptocurrency. Currently, cryptocurrencies are regulated concerning anti-money laundering (Anti-money laundering and counter-terrorist financing law) and the tax obligations that a taxpayer must pay if they have made capital gains from cryptocurrency trading (income tax law). At the European Union level, a Regulation has been adopted that is intended to regulate the cryptocurrency market. The Regulation will come into force on December 30 of 2024., and it represents a framework that will undoubtedly prompt domestic legislation of European Union member states to incorporate cryptocurrency market regulation into their own legal frameworks. |
