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.”
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
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.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 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
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
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.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 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
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!