Albania is establishing clear rules for the crypto-asset market for the first time, with a new draft law that aims to bring transparency and more security to users.
All entities that issue or provide services with cryptocurrencies will have to be licensed and submit detailed information documents about their projects.
"The draft law should clarify the risks, the mode of operation and the issuer's data. The document prohibits any misleading material and requires that the information be accurate and verifiable. Also, for the first time, mandatory rules are established for the licensing of exchanges, custody and trading platforms ," ??the Ministry of Economy and Innovation emphasizes.
The bill also imposes new obligations on companies that store private keys and manage crypto-asset portfolios, requiring higher security standards, recovery plans, and separation of customer funds from the company's.
The innovation for the market is the regulation of electronic money tokens, which must be backed by real reserves and redeemable at any time.
"Companies must separate customer funds from their own assets, have clear cybersecurity policies and recovery plans," the Ministry of Economy and Innovation emphasizes.
With this new framework, the authorities aim to increase consumer confidence and create safer conditions for the development of technology businesses, in line with European standards.