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Albania passes Europe’s most comprehensive cryptocurrency law to date

May 22, 2020

The Albanian Parliament signed a draft law on the legal framework for cryptocurrencies in plenary on May 21.

The law “General ledger distributed on financial markets based on technology” was first presented to the Economic Committee in October 2019 and was adopted today with 88 votes in favor, 16 against and 3 abstentions. .

The law introduced by the Albanian Minister of Finance and Economy is designed to regulate the conditions for licensing all crypto-related activities in the country.

Albania passes Europe’s most comprehensive cryptocurrency law to date
Albania passes Europe’s most comprehensive cryptocurrency law to date

In addition to digital tokens, the law is intended to monitor the entire infrastructure in which the DLT technology is operated.

Virtual currencies are considered a “type of virtual asset”

Denaj commented on the proposal that will eventually be voted on in Parliament:

“The bill aims to regulate the conditions for issuing licenses, operating and monitoring operators and exchanges, as well as preventing abusive market practices that dictate severe fines to anyone who violates the provisions of the law Violates the law. “

The law aims to combat money laundering through digital assets

The minister said the bill was designed to “maximize the benefits of technology” but also address a number of potential risks. This includes creating fraudulent or unauthorized plans to provide virtual assets, or the risk of using them for money laundering, terrorist financing, or market manipulation.

This makes Albania the third European country (after Malta and France) to create such a legal framework for cryptocurrencies.

More news about the Albanian cryptosphere

In 2017, the Albanian central bank warned citizens that digital currencies like Bitcoin (BTC) are not under the direct supervision of the regulations of the country’s banking sector and that these vehicles are extremely risky.

Albania allowed cryptocurrency ATMs to be installed by General Bytes, a major Prague Bitcoin ATM manufacturer.