Albanian Regulatory Framework for Cryptocurrency in Drafting

New openness toward the cryptocurrency sector comes after the financial regulatory bodies in the country issued several warnings about dealing in digital assets.

October 23, 2018 | AtoZ Markets According to the local news outlet Tirana Times as it reported on Oct. 22, the Albanian government is currently exploring opportunities to set up a regulatory framework for cryptocurrency.

Analysts say the step is likely to make the country in line with countries which take the lead in the crypto sector like Malta, which is continuing its endeavour to become the “Blockchain Island” of the world, as per the long-term plan.

The media quoted the Albanian Prime Minister Edi Rama describing the concept of crypto-friendly innovation as a “shocking novelty”.

“The opportunity to be innovative and set up a centre of gravity for innovative financial markets is open for every country despite their level of development”, said Rama.

According to him, reconsidering the regulatory framework of cryptocurrency would result in the government’s efforts opening up “new markets and create new opportunities for well-paid jobs and qualified people.”

Rama confirmed that the government is currently assessing and working on the drafting of a regulatory framework after having conducted a thorough analysis and study”, adding “If the results are satisfactory, then we will promote even outside Albania, the country’s willingness to become a hub for numerous potential investors that target getting involved in this revolution of global finances”

Previous Official Statements Came Different

News reports informed earlier that the country’s key financial watchdogs, Albania’s central bank and the financial supervisory authority, repeatedly warned potential investors over the last two years about multiple risks associated in investing in digital currency, as other countries did in a similar step.

“Of course there might be individuals or businesses in Albania investing online using the internet in companies which are issuing these initial coin offerings outside of Albania, but they should be aware that they carry all the risks and are responsible for their own choices when making such an investment,” Ervin Koçi- Head of Albania’s Financial Supervisory Authority told a media outlet earlier this year.

It is worth mentioning that U.S, Canada, Germany, Denmark, Japan and South Korea are classified as Bitcoin-friendly countries.

Bitcoin is trading currently at around $6,500 after surging to $20,000 in late December the last year.

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