New Crypto Laws Introduced in Albania

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The Albanian parliament signed a new bill that aims to implement a legal framework for digital currencies. Signed on May 21st, the bill is entitled On Financial Markets Based on the Technology of Distributed Ledgers,”.

The legislation aims to oversee crypto licensing conditions for all related cryptocurrency activities in the country. Interestingly, the bill passed with a majority; 88 voted in favor, with only 16 against.

Anila Denaj, Minister of Finance and Economy, gave a draft of the law last week, and said the following,

the draft law aims to regulate the conditions for licensing, exercising the activity of operators and stock exchanges and supervising them, as well as preventing abusive practices in the market, where severe fines are stipulated for anyone who violates the provisions of the law

With this signing of the framework into the local law, Albania is one step closer in establishing itself as Europe’s next cryptocurrency hotspot. where various crypto coin companies can operate legally.

As of the publishing of the article, Albania is currently third in the old continent that has independently taken action into its own hands  to regulates this exploding market. The other two so-called hot spots are located in Malta, where regulations were introduced in 2018, and France, which laid out a framework in 2019.