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From production to use, investment or exchange... Albania will have a new law on cryptocurrencies. The Ministry of Economy and Innovation has put the draft law “On Crypto-Asset Markets” for public consultation. The new legal basis replaces the 2020 “On Financial Markets Based on Distributed Ledger Technology” (printscreen) which never became applicable.
The draft law aims to regulate entities and activities related to the issuance of crypto-assets and electronic money tokens as well as crypto-asset brokerage activities such as operating a trading platform, exchange, custody, receipt and transmission of orders, execution of orders, placement on the market, transfers, advice and management of a crypto-asset portfolio.
Ministry of Economy and Innovation:
The new legal framework drafted by the Financial Supervisory Authority with the assistance of the German Agency for International Cooperation, GIZ, aims to create the necessary conditions to allow the unhindered operation of the use of digital currency.
The draft law aims to guarantee the highest standards of investor protection and market integrity, through prudential requirements, corporate governance rules and policies, conflict of interest management, cyber and operational security measures, transparency of the information document, marketing rules, as well as mechanisms against market abuse and in accordance with anti-money laundering policies.
Ministry of Economy and Innovation
An important element of the draft law "On Crypto-Asset Markets" is the definition of the right of citizens to opt out of investing in cryptocurrencies.
Non-professional clients may, within 14 days from the date of signing the agreement, withdraw from the agreement to purchase crypto-assets other than the asset token or electronic money token without any additional fees or costs, and without giving reasons for withdrawal. This period will start from the date of signing the non-professional client agreement to purchase the crypto-assets in question.
Ministry of Economy and Innovation
According to the Ministry of Economy and Innovation, the new legal basis creates the necessary conditions for membership negotiations with the European Union.
Among the closing milestones of this group-chapter is also the approximation with the European regulatory framework in the field of digital finance, including the regulation of crypto-assets law. This gives added importance to the process of transposing the EU Regulation “On Crypto-Asset Markets” into Albanian legislation, as a prerequisite for fulfilling the obligations within the framework of the membership process.
Ministry of Economy and Innovation
In Albania, it is estimated that there are up to 50 thousand investment portfolios in cryptocurrencies, mainly in Bitcoin, the value of which is around 90 million dollars./ A2CNN
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