New Crypto Laws Introduced in Albania

Albania updated its cryptocurrency legislation – the parliament passed a new bill which will implement a legal framework governing digital currencies in the country. The law was signed on 21st May and it is called On Financial Markets Based on the Technology of Distributed Ledgers,”.

This legislation will control the licensing for all cryptocurrency-related activities within the Albanian jurisdiction and it was passed with a majority – 88 people voted in favour and 16 voted against it.

The draft for the bill was given to the parliament last week by Anila Denaj, who said:

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

With this law the small European country is aiming to turn itself into a local cryptocurrency hotspot as coin companies can now operate legally in it.

Even smaller countries are embracing cryptocurrencies now, the progress is fascinating to observe.