The law covers licensing, preventing abusive practices in the market, and supervising the activities of crypto platforms.
On May 21st, the Albanian parliament signed a new bill into law to implement a legal framework for Cryptocurrencies, which CoinTelegraph described as “Europe’s most comprehensive crypto law yet.”
The legislation seeks to regulate conditions for licensing all cryptocurrency-related activities that take place on an infrastructural level in the country, and was passed with a heavy majority: 88 votes in favor, 16 votes against, and 3 abstentions.
Minister of Finance and Economy Anila Denaj presented the draft law earlier this week, saying 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,” (translated quote).
Will Albania become a crypto industry hotspot?
With the passage of the legislation, Albania becomes the third on the list of European Union countries that have taken independent steps to regulate digital assets. Malta adopted regulations for digital assets in 2018; France followed in April of 2019.
In signing the digital assets framework into law, Albania could be aiming to establish itself as another cryptocurrency “hotspot” for companies seeking to operate within regulated environments. This seems to have worked particularly well in Malta, which eventually became colloquially known as the “Blockchain island” because of the high number of cryptocurrency firms that set up shop there.
Indeed, historically speaking, many new cryptocurrency companies have avoided establishing themselves with murky regulations due to the risk of accidentally violating the law, and being punished as a result. Therefore, a number of blockchain and cryptocurrency associations have been formed across the globe specifically for the purpose of advocating for more regulations.
On May 21st, the Albanian parliament signed a new bill into law to implement a legal framework for Cryptocurrencies, which CoinTelegraph described as “Europe’s most comprehensive crypto law yet.”
The legislation seeks to regulate conditions for licensing all cryptocurrency-related activities that take place on an infrastructural level in the country, and was passed with a heavy majority: 88 votes in favor, 16 votes against, and 3 abstentions.
Minister of Finance and Economy Anila Denaj presented the draft law earlier this week, saying 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,” (translated quote).
Will Albania become a crypto industry hotspot?
With the passage of the legislation, Albania becomes the third on the list of European Union countries that have taken independent steps to regulate digital assets. Malta adopted regulations for digital assets in 2018; France followed in April of 2019.
In signing the digital assets framework into law, Albania could be aiming to establish itself as another cryptocurrency “hotspot” for companies seeking to operate within regulated environments. This seems to have worked particularly well in Malta, which eventually became colloquially known as the “Blockchain island” because of the high number of cryptocurrency firms that set up shop there.
Indeed, historically speaking, many new cryptocurrency companies have avoided establishing themselves with murky regulations due to the risk of accidentally violating the law, and being punished as a result. Therefore, a number of blockchain and cryptocurrency associations have been formed across the globe specifically for the purpose of advocating for more regulations.
Rachel is a self-taught crypto geek and a passionate writer. She believes in the power that the written word has to educate, connect and empower individuals to make positive and powerful financial choices. She is the Podcast Host and a Cryptocurrency Editor at Finance Magnates.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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