TIRANA, Nov 13 /ATA/ The draft law “On Crypto-Asset Markets” seeks to establish a comprehensive regulatory framework for digital finance in Albania, strengthen consumer protection and define operators’ responsibilities. Deputy Minister Martin Kajo said it would help the economy capitalise on technological advances and create opportunities for investment, entrepreneurship and skilled employment.
“Through this draft law, we aim to establish a more comprehensive and precise framework for digital finance in Albania, supporting the development of new services while clearly defining operators’ responsibilities and protecting citizens,” Kajo said.
He noted that technological advances could open up new opportunities for entrepreneurship, investment and skilled employment, but stressed that reliable rules and institutions capable of enforcing them were needed to turn these opportunities into tangible benefits.
The Deputy Minister explained that crypto-assets are digital representations of value or rights that can be stored and transferred electronically through distributed ledger technology, such as blockchain. He added that the units recorded on these systems are called tokens, which can represent anything from cryptocurrencies such as Bitcoin to service rights or values linked to the euro or the lek. Kajo stressed that the draft law would regulate these assets according to their nature, associated risks, the services provided and the responsibilities towards clients.
Focusing on the need for this initiative, he recalled that Albania already had a legal framework, adopted in 2020, governing financial markets based on distributed ledger technology. However, market developments and the evolution of European standards meant that more comprehensive rules were now required.
“Albania already has a legal framework adopted in 2020, while the market and European standards have evolved. Services and products have emerged that require more comprehensive regulation,” he stressed.
The draft law sets out rules governing the public offering and admission to trading of crypto-assets, the authorisation requirements for operators and the obligations they must fulfil in conducting their activities.
Kajo noted that the initiative aligns Albanian legislation with the European Union’s Markets in Crypto-Assets Regulation, known as MiCA.
“The draft law aligns Albanian legislation with the European Union’s regulation on markets in crypto-assets. This is a step towards addressing the requirements of Chapter 9, on financial services, as well as preparing our institutions and operators for European integration,” the Deputy Minister said.
One of the key elements of the initiative is strengthening consumer protection by requiring clear and transparent information about digital financial products.
Kajo said the draft law would strengthen consumer protection by requiring clear, accurate and transparent information about crypto-assets, their costs, risks and associated rights. It would also introduce safeguards for financial stability and market integrity, laying the foundations for a sustainable digital financial market where innovation is balanced with responsibility.
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