Albania Approves Europe’s Most Comprehensive Crypto Law Yet

Albania’s Parliament signed a bill into law on May 21 plenary session a legal framework for cryptocurrencies.

The law, “On Financial Markets Based on the Technology of Distributed Ledgers,” first appeared before the Committee of Economy in October 2019 and was approved today with 88 votes in favor, 16 against and 3 abstentions.

Introduced by Albania’s Minister of Finance and Economy, the legislation looks to regulate the conditions for licensing all crypto activities in the country.

Beyond digital tokens, the law looks to monitor all infrastructure where DLT technology operates.

Virtual currencies considered as a “type of virtual asset”

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

“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…