The company is now assessing the viability of its presence in the country.
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.
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.”
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.
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.”
Kraken Verifies $21.5 Billion in Client Assets with Latest Proof of Reserves
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
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Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
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FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
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👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
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Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
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👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
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FM's Andrea Badiola Mateos at LSEG's Cyprus event
FM's Andrea Badiola Mateos at LSEG's Cyprus event
FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event
FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
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The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
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Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24
Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24