Albania prepares conditions for DLT technology

TIRANA, May 18 / ATA / -Albania is preparing a legal framework for virtual assets.

Currently, there is no law providing for the regulation, prohibition or penalty in connection with virtual assets and related services.

Minister of Finance and Economy Anila Denaj presented the draft law “On financial markets based on the technology of distributed registers” in the Committee on Economy. She said that the draft serves to make the best use of the benefits offered by technology, but also to address a range of potential risks, such as the creation of fraudulent schemes or unauthorized schemes to provide virtual assets, the risk of using virtual assets for money laundering and market manipulation. Therefore, a full legal framework is needed so that this activity to be fixed, said she.

“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,” said Denaj.

The draft law aims to regulate all infrastructure on the basis of which “Distributed Ledger” (DLT) technology operates.

Digital tokens and virtual currencies are a type of virtual asset, essentially dependent on Distributed Ledger Technology (DLT), that give users the right to benefit, ownership, or can be used as a payment instrument or utility in the process of purchasing products or services./