Albania Passes Law to Act as Legal Framework for Cryptocurrency

On Thursday, May 21, the Albanian government officially passed a comprehensive law on the regulation of cryptocurrency-related businesses drafted by the Ministry of Finance and Economy.

The ‘blockchain-based financial market law’ was
submitted to the Economic Committee for the first time in October last year. Back then, it was
approved by the majority votes in the plenary session.

Combating illegal cryptocurrency operations

The Ministry has instituted legislative standards for digital currency businesses in the nation to police and supervise the industry accordingly. The regulation provides a comprehensive legal framework for not only cryptocurrencies but also all infrastructures that are based on blockchain.

For long, most governments have been painting…