Photo: Exit. Albanian Parliament approves cryptocurrency-related bill
On May 21, Albanian Parliament passed a bill to regulate cryptocurrency-related activities in a plenary session. The new bill is expected to provide a legal framework for cryptocurrencies in the country.
The bill, on “Financial Markets Based on the Technology of Distributive Ledgers,” first appeared before the Committee of Economy in October 2019. The law was drafted by the Ministry of Finance and Economy, as they had felt the need to regulate crypto-related activities. The bill was approved with 88 votes for, 16 against, and 3 abstentions.
The law will provide regulations on acquisition of license, activity of operators and stock exchanges, and supervision. It also aims to monitor processes of financial structures that operate on blockchain mechanism. With the law in place, Albania expects to prevent abusive practices in the market, such as money laundering, terrorist financing, and market manipulation. Any of these abuses will end up in severe fines for violating the law. The passing of the bill makes Albania the third country in Europe, after France and Malta, to establish a legal framework regarding cryptocurrency.
Exit. (2020, May 23). Albanian Parliament Votes in Cryptocurrency Regulatory Framework - Exit - Explaining Albania. Retrieved from https://exit.al/en/2020/05/23/albanian-parliament-votes-in-cryptocurrency-regulatory-framework/
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