News HIVE Blockchain Disapproves of New Crypto Regulation in Norway

HIVE Blockchain Disapproves of New Crypto Regulation in Norway

-

- Advertisment -

HIVE Blockchain Technologies Ltd., a Toronto Stock Exchange listed company, made clear its disappointment on the recent cryptocurrency regulatory changes proposed by the Norwegian Parliament earlier this week.

As Finance Magnates reported, the Norwegian Parliament proposed legislation which will see cryptocurrency miners no longer receive tax relief on power consumption at the same level as other power-intensive industries. In the final month of 2018, the government approved the legislative bill.

This change is expected to come into effect in March this year and is included in the state budget for 2019. HIVE Blockchain Technologies, which acquired Kolos Norway AS in May last year, said it is “deeply disappointed and frustrated by the proposed changes to the government framework conditions without discussion, consultation, or dialog with the industry.”

HIVE Blockchain reassesses Norway’s viability

The firm’s views were provided in an update to its shareholders and debt holders, regarding its Kolos Norway AS (“Kolos”) asset located in Norway. As a result of the upcoming changes, HIVE Blockchain Technologies is now assessing the viability of its presence in the country.

Frank Holmes the interim exec chairman at HIVE Blockchain Technologies Ltd.
Frank Holmes
Source: HIVE Blockchain Technologies Ltd.

Speaking on the changes, Frank Holmes, Interim Executive Chairman said: “I am extremely disappointed by the proposed changes to the regulatory framework in Norway. In my view, unilateral decisions by governments without industry consultation and discussion represent a significant risk to stability and long-term investment decisions.

“My experience as a global Chief Investment Officer is that regulatory uncertainty is a significant barrier to attracting long-term foreign capital and governments that unexpectedly move the goal posts create an unfavorable investment environment.

“These abrupt regulatory changes have forced us to reassess the value of our asset in Norway which, prior to the proposed change, represented an attractive green-field opportunity to develop data centres to serve the global technology community as well as the potential to erect cryptocurrency mining infrastructure given the access to more than 1,000 megawatts of power on the property.”

Source

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Data-Intensive Sector Has A Lot More To Explore With Blockchain Technology

Blockchain technology in Data-Intensive sectors is gaining huge recognition in the market. It is used in building...

4 Tips on How To Succeed on Bitcoin Trading

Bitcoin is a type of cryptocurrency which has grabbed the attention of countless people from different countries....

The First Cryptocurrency Bank License Is Now Granted

This is a historic development. A milestone in Bitcoin's path to broad acceptance and recognition. The State...

Yield Farming Program “Volcano” Kicks off Dutch Auction for Cryptokitties KittieFIGHT Game

In the fall of 2017, along with the rallying of Bitcoin and other digital assets, Cryptokitties dominated...
- Advertisement -

Ministry of Foreign Affairs of Denmark may use Blockchain to tackle corruption

We have already moved to the stage in our lives where technology plays an important role in...

What Lessons Can The World Learn From Venezuela’s Newfound Love For Crypto?

It is often the case that great changes are forced out of necessity, rather than a willingness...

Must read

Data-Intensive Sector Has A Lot More To Explore With Blockchain Technology

Blockchain technology in Data-Intensive sectors is gaining...

4 Tips on How To Succeed on Bitcoin Trading

Bitcoin is a type of cryptocurrency which...
- Advertisement -

Read Next
Recommended to you