Czech President Petr Pavel signed a bill on Thursday that exempts Crypto users from paying taxes on long -term gains, a spokesman from the country’s Finance Ministry told Coindesk on Thursday.

“The principle is if cryptoassets are held for more than three years, their sales are not taxed or transactions up to CZK 100,000 [$4,136] Per year will not be obliged to report in the tax declaration, similar to securities, ”the spokesman said.

The Czech Republic’s digitization of the Financial Markets Act is now in the final phase of the legislative process and will take a week or two to be officially published. The country is a member of the European Union (EU).

A week ago, a proposal from the Czech national bank governor Aleš Michl that the central bank considers to add additional assets, such as Bitcoin, to its reserves, approved by the banking board.

The move was not well received by the president of the European Central Bank, Christine Lagarde, who said she is sure Bitcoin will not enter the reserves of any of the EU central banks.