Albania Approved Law to Regulate Crypto Industry

6d
1m read
Summary

After approval and signing, the law regulating the crypto industry of Albania will enter into force on September 1, 2020. Image courtesy of NewsBTC Read the best crypto news analysis here! bitnewstoday.com Bitcoin, investments, regulation and other cryptocurrencies Found a mistake? In October 2019, the draft law on Financial markets based on the technology of distributed ledgers was submitted to the Ministry of Finance and Economy of Albania. Recall that earlier in the country there was no law to regulate the cryptocurrency sector. The approved law covers the terms of licensing cryptocurrency activities in the country, as well as monitoring the entire financial infrastructure operating on blockchain.

Article Preview

In October 2019, the draft law on Financial markets based on the technology of distributed ledgers was submitted to the Ministry of Finance and Economy of Albania. On May 21, 2020, the draft was approved by the country's parliament. After approval and signing, the law regulating the crypto industry of Albania will enter into force on September 1, 2020. Recall that earlier in the country there was no law to regulate the cryptocurrency sector.

The approved law covers the terms of licensing cryptocurrency activities in the country, as well as monitoring the entire financial infrastructure operating on blockchain. The Albanian Minister of Finance and Economy stated that the law was adopted in order to make the best use of the advantages that technology offers, taking into account a number of potential risks. These risks include fraudulent schemes, terrorism financing, money laundering and market manipulation.

It is worth noting that a step taken by the Albanian government...

Read the full article @ Bitnews Today