The law on financial markets based on distributed ledger technology (Blockchain), which regulates cryptocurrencies, was published today in the Official Gazette of the Republic of Albania.
The law - which was rejected by a decree by the President of the Republic Ilir Meta because it "offers space for money laundering" - should enter into force on September 1.
Also in the Official Gazette, the parliament's decision canceling the President's decree was published, paving the way for the official use of virtual currencies in Albania. In this way, the Eagle Country becomes one of the few countries in Europe to legalize and regularize the legal framework for cryptocurrencies.
To date, in fact, only two countries (Malta and France) have taken steps to implement certain regulations on virtual resources, which are not covered by the current framework of the European Union.
Advantages and risks
The report that accompanied the publication of the law in the Official Journal recognizes advantages but also risks in the virtual currency sector.
"To make the most of the benefits of this technology, but also to address a number of possible risks, such as the creation of fraudulent schemes or unauthorized schemes in offering virtual resources, the risk of using virtual currencies for money laundering, in addition to market manipulation, a complete legal framework is needed for this activity to be regulated."- reads the report.
Regarding the risk of money laundering, the report states that the law also addresses issues relating to the prevention of the phenomenon by requiring each licensee to establish a safe and risk-free system to monitor transactions in accordance with the law on prevention. money laundering.
“It is clear that through Blockchain technology, we will have the opportunity to give our systems the highest effectiveness and security in the future. A country like Albania can offer a much more efficient way of remittances, reducing all costs and increasing the speed of interactions. " - last October the Albanian Prime Minister Edi Rama declared.
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