- Albania’s parliament has signed a new ‘comprehensive’ crypto bill into law on May 21 as part of its approach towards a legal framework for the industry.
- It will now join the likes of Malta and France among the countries with the most advanced crypto laws in Europe.
The bill was first introduced to Albania’s Committee of Economy back in 2019 in a bid to create legislation around crypto activities. Dubbed the ‘law on Financial Markets Based on the Technology of Distributed Ledgers’, it was approved yesterday with a majority of 88 votes against 16 with only 3 in absentia.
The New Albania Crypto Law
Anila Denaj, Albania’s Minister of Finance and Economy, is the one who presented the draft law. Following the milestone, she highlighted that:
“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.”
Notably, the law will also be used to combat money laundering, which has thrived in the crypto market in recent years. In fact, International regulatory bodies like the FATF have already implemented regulations such as the ‘travel rule‘ to ensure proper KYC/AML practices in crypto operations.
Crypto Law Advancements
This volatile market remains quite grey in most parts of the world. However, some countries such as Japan have been touted as leaders in crypto regulatory frameworks.
The Asian superpower recognized Bitcoin and other digital assets to be legal as early as April 2017. In addition, crypto exchanges are also legal provided they register with the Financial Services Agency (FSA).
Other than Japan, the European Union also introduced the 5AMLD (Fifth Anti-Money Laundering Directive) which came into force in early 2020.
These advanced guidelines basically provide clarity on the ambiguity that existed within digital asset logistics. Crypto Exchanges and digital wallets are also highlighted as part of the exposure avenues to money laundering activities.