Albania passes Europe’s most comprehensive law on crypto coins to date

The Albanian Parliament signed a draft law during the plenary session on 21st May on the legal framework of cryptomonies.

The law, „On financial markets based on distributed record book technology“ was first presented to the Economy Committee in October 2019 and was approved today 88 votes in favour, 16 against and 3 abstentions.

Presented by Albania’s Minister of Finance and Economy, the legislation seeks to regulate licensing conditions for all cryptorelated activities in the country.

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Beyond digital tokens, the law seeks to monitor the entire infrastructure where DLT technology operates.

Virtual currencies considered a „virtual asset type“
Denaj commented on the proposal that will finally be voted on in Parliament:

„The bill aims to regulate the conditions for granting licences, the exercise of the activity of operators and stock exchanges and their supervision, as well as the prevention of Bitcoin Era, Bitcoin Profit, Bitcoin Billionaire, Immediate Edge, Bitcoin Code, Bitcoin Revolution, Bitcoin Trader, Bitcoin Circuit, The News Spy, Bitcoin Evolution practices in the market, stipulating severe fines for anyone who violates the provisions of the law“.

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The law aims to combat money laundering through digital assets
The minister said the bill serves to „maximize the benefits offered by technology,“ but also to address a number of potential risks. These include the creation of fraudulent or unauthorized schemes to provide virtual assets, or the risks of using them for money laundering, terrorist financing or market manipulation.

This makes Albania the third European country (after Malta and France) to establish such a legal framework for crypto-currency.

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Other news about the Albanian cryptosphere
In 2017, the Central Bank of Albania issued a warning to citizens that digital currencies such as Bitcoin (BTC) were not under the direct supervision of the country’s banking sector regulations and that these vehicles carried extremely high levels of risk.

Albania allowed the installation of crypto coin machines by General Bytes, a major Bitcoin ATM manufacturer based in Prague.