Albania will have the most comprehensive crypto law in the world

The Parliament approved on May 21 a project that seeks to work on the regulation of cryptocurrencies in the country

This week the Albanian Parliament approved a bill, which seeks to regulate the use of cryptocurrencies in the country.

This is how the “Law on financial markets based on the technology of distributed ledgers”, which was presented to the Economy Committee in 2019, came to be approved with 88 votes in favor, 16 against and 3 abstentions.

This framework seeks to regulate the conditions for the granting of licenses for activities related to the world of cryptocurrencies.

The Albanian minister assured that the bill serves to “make the most of the benefits that technology offers”, but also to address a series of possible risks. These include creating fraudulent or unauthorized plans 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 in establishing such a legal framework for cryptocurrencies.

K. Tovar

Source: Cointelegraph

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