Legislative Package

The package includes a series of crucial texts that will shape the future operation of cryptocurrencies in the Czech Republic:

• Chamber Print No. 692: MiCA - Government Bill on the Digitization of the EU Financial Market. This is a draft law amending certain laws in connection with the implementation of European Union regulations on the digitization of the financial market and sustainability financing. 
  https://www.psp.cz/sqw/text/orig2.sqw?idd=241610 
• Chamber Print No. 694: A set of amendments to the previous print. It includes (highlighting only those directly related to crypto):A1. - Licensing of entities (NFT tokens...)
  • A2. - Payment transactions ("Right to a bank account" for companies)
  • A4. - Income tax (Time and value test)
    https://www.psp.cz/sqw/text/orig2.sqw?idd=245424 

ČKMA has been involved in the creation of these texts from the very beginning (not to mention that we had been providing feedback on MiCA at the EU level for several years prior). We organized numerous meetings with legislators and other relevant stakeholders, including the Czech National Bank (ČNB), the Czech Banking Association (ČBA), the Financial Analytical Office (FAÚ), and the Ministry of Finance (MF). In these meetings, we patiently explained, presented arguments, clarified how cryptocurrencies work, and debunked common myths.

To support these legislative changes, ČKMA created a public campaign page urging citizens to contact Members of Parliament (MPs) before the final vote. This initiative generated over 16,000 emails from the public to MPs in the "first round" alone—an unprecedented mobilization of public engagement with the Chamber of Deputies. In subsequent rounds, additional thousands of reminder emails were sent just before the vote. As a result, MPs were well-prepared on the topic, which was reflected in the final unanimous vote.

Broad Political Support

In the last few weeks, it became clear that our efforts were not in vain and began to pay off. Politicians themselves started addressing cryptocurrency-related topics, realizing their significance not only for the Czech economy but also for the public and, ultimately, for their electoral success:

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Time and Value Test

A concise summary of the essence of the time and value test. Just a few minutes of reading, and you’ll have clarity:

 

The crypto community demonstrated remarkable engagement in the final weeks before the parliamentary vote, producing a wealth of videos, articles, and texts in support of the time and value test. A big thank you to everyone who contributed!

We bring you a selection of some outstanding contributions—these perspectives are crucial to understanding the implications of what was being voted on:

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Opponents and Counterarguments

However, a few opponents also emerged, publishing serious-sounding texts portraying cryptocurrencies in a negative light. Upon closer examination, these were often misunderstandings or significantly misleading claims. As always, ČKMA responded with patient explanations and factual arguments to debunk these misconceptions. Here is a chronological list of ČKMA's responses aimed at advocating for the legislative package:

• 2024-10-14 Pomoz i Ty vytvořit férové podmínky pro krypto! A call to the Bitcoin and cryptocurrency community to raise awareness of the issue among MPs.
• 2024-10-22 Časový a hodnotový test: fakta a mýty. Our response to a misleading text published by the General Financial Directorate.
• 2024-10-23 Stanovisko ČKMA k dopisu NCOZ. A flawed argumentation from the police that needed to be addressed and corrected.
• 2024-11-17 Připomeň se svému poslanci A final public call to support the vote on the 2024 crypto legislative package.