Page 3 - bne_Tech_10_2018

Top Stories
October 2018 www.intellinews.com I Page 3
to a partner in a digital form," he explains. "The data are automatically taken into account by the "Finance Director," and the helper will warn the entrepreneur if the partner misses a payment date. Simultaneously, the "Accountant" keeps track of all payments for tax purposes."
Sfera's helpers include the "Accountant," the "Secretary," the "Finance Director" and the "Lawyer." Sfera will also offer its clients HR services, and individuals registered as entrepre- neurs will be able to transfer funds to their personal bank cards.
Eastern Europe Moves to Regulate Crypto
Bulgaria
Bulgaria has been closely following in the footsteps of the European Union. Earlier this year, the country's National Bank said it was taking the same stance on cryptocurren- cies as the European Standards Authorities. Four years ago, Bulgaria's tax authorities ruled that taxes were payable on any gains from cryptocurrency trading. Meanwhile, the country's court ruled that buying and selling of and paying with cryptocurrency does not require licensing.
Czech Republic
The Czech Republic has a reputation as of one of the most crypto-progressive coun- tries in Europe. Back in 2015, the country's National Bank stated that trade involving crypto would not be subject to any regula- tion other than current or future European Union regulations pertaining to crypto. Later, mild regulations were added to coun- ter money laundering. Since then, the Czech National Bank has confirmed its rather liberal stance on crypto, saying it has no in-
Meanwhile, Sfera also plans to actively use cut- ting-edge digital technologies, such as big data.
"In the future, we will improve our helper's tips for clients by collecting and analysing anonymised big data of our clients," says Kostnko.
According to Kostenko, Sfera aims to achieve a 10% share in the SME segment by 2022, while between 60,000 and 70,000 accounts are projected to be opened in 2019.
Currently, Tochka, Tinkoff and Modulbank are re- sponsible for about 15% of services for SMEs.
tention to either hinder or promote the use of digital currencies.
Hungary
In accordance with a recent statement from the country's Finance Ministry, cryptocur- rencies are not recognized as a legitimate means of payment. Currently, legislation is in the works, which would provide a regula- tory framework for crypto in the country.
Meanwhile, local entrepreneurs have been already working in the crypto area, and Hungarian cryptocurrency Korona was launched earlier this year from more cryp- to-friendly Switzerland.
Poland
Polish authorities' policies have been rather crypto-unfriendly. The country's Central Bank is known for closing accounts related to crypto trade and running an anti-crypto ad campaign. This April, Poland's Finance Ministry explained that all crypto-to-crypto transactions would have to be subject to the standard income tax rates in a move that outraged the Polish crypto community. The regulator backed off and prepared a draft regulation that is currently under considera- tion. The draft stipulates that crypto-to-cryp-