The Czech Republic is moving closer to crypto-friendly regulations, according to a report from the Czech Cryptocurrency Association (CKMA).

According to the CKMA, Czech President Petr Pavel has signed a law regulating the country’s crypto industry.

In a press release, the CKMA said it has been working for a long time to “level the playing field in the Czech Republic” for the cryptocurrency sector, while clarifying how cryptocurrencies can benefit the national economy.

CKMA Chairman František Vinopál said the government’s proposal was “unthinkable a few years ago, but now all current legislators have agreed to it.”

This unprecedented unity of political parties is the result of the efforts of not only the association, but the entire Czech crypto community, which has managed to unite.

The proposal implements the EU MiCA (regulation of crypto asset markets), sets tax rules, provides “long-term stability and a predictable environment for entrepreneurs in the industry” and allows cryptocurrency-related companies to open bank accounts.

Vinopal also emphasized that cryptocurrency is not just a fad, but can bring many benefits to the Czech economy and people:

There are other countries in Europe with a pro-crypto approach, such as positive feedback from German leaders and initiatives in Switzerland and Liechtenstein.

At the end of January, the head of the Czech National Bank (CNB), Governor Aleš Michl, also announced plans to place up to 5% of his €140 billion in Bitcoin.

This comes after Michl said just a few weeks earlier that he only intended to buy “a few Bitcoins.”

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